FICO 600 Is The New FICO 640

Dated: 04/26/2014

Views: 6426

Get the word out, It's easier to finance a home.

After 7 years of tight credit all across America underwriting guidelines for new mortgages are much looser. Here are the facts that I learned this week from the team of mortgage brokers that work with Realty Central.

1. The FICO credit score to be financed is now 600. A year ago and even months ago 640 was needed to get a home mortgage. This means that a million home shoppers can now be home buyers. If your mortgage broker is still telling you otherwise it is time to call Realty Central. 
2. Documentation requirements for income, job stability, residence stability and credit are being relaxed. This means that mortgage pre-approval may move more quickly. Some home purchasers will have less paperwork to document their credit file. 
3 An established credit report is not a requirement for a mortgage loan. Realty Central's team of mortgage brokers has the ability to get home financing for people who have no established credit history. Call us today.
4. Conventional mortgages can now be financed with 3% down. Traditionally conventional mortgages were 20% down. This means that you will not have to qualify for some government program if you do not have a 10% down payment at Realty Central.
5. Many other requirements are changing as well. 6 months on your job?  That does not eliminate you chance to get financing. Banks are more willing to loan to jumbo clients and small mortgages. Realty Central can get your home financed for mortgages of $10,000-$1,000,000.
Not every rule change will apply to every applicant but get the word out. Mortgages are easier to get. Tell you friends to call Realty Central.
In my profile below is my phone number, website and email address. It is home buying season. Let's get you pre-approved so you can buy your home. Text me now.
Joel Robertson
Home buyers link: Joel.realtydayton.com
email: joel@realtydayton.com


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David Cooper

Real Estate Broker....

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