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Mortgage Expert Blog

Differences between a pre-approval and a pre-qualification

When you’re ready to start shopping for a home loan here in Edina, Minnesota you are going to need to either become “pre-approved” or “pre-qualified”. What is the difference? A pre-qualification does not require your social security number and allows you to compare loan details without having your credit accessed. This however is very difficult to do accurately unless you can specifically state your middle credit score, gross monthly income and can list all of your other monthly obligations. A pre-approval means the lender runs your credit, reviews your income and...

April 7th, 2016 | loan, pre-approved, pre-qualified, credit score, Differences between a pre-approval and a pre-qualification

2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure

2016 USDA Guidelines •Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13 Bankruptcy •Foreclosure – You may apply for a USDA rural loan THREE (3) years after a Foreclosure •Short Sale / Deed in Lieu of Foreclosure – If you had big issues the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640. Over 640 your UW will make the call but typically not less than one year. (Date of Credit Approval must be after the above waiting p...

April 5th, 2016 | USDA, Bankruptcy, Short Sale, Foreclosure, credit score, 2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure

How to increase your credit scores fast

The first and most important step is to know your Fico credit scores. Mortgage lending today is based on tiered pricing which means that rates are adjusted based on the middle of your 3 credit scores. The middle credit score will determine which “tiered pricing” you will be in. The higher your credit score, the better chance of obtaining a lower interest rate. There are many factors which go into determining a borrower’s credit score. I would recommend that you check out www.myfico.com and go under the “learn about scores” section to understand more about how your...

March 30th, 2016 | credit, fast, interest rate, credit score, How to increase your credit scores fast

2016 Time Period Too Buy Again After A Bankruptcy, short-sale or Foreclosure

2016 Conventional (Fannie Mae) Guidelines•Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13•Foreclosure – You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,•Short Sale / Deed in Lieu of Foreclosure – •UPDATED – Effective 7/29/2014: Waiting period for subsequent foreclosure that was included in Bankruptcy is waived. If ...

March 29th, 2016 | loan, Bankruptcy, FHA, Foreclosure, Short Sale, Fannie Mae, Conventional, 2016 Time Period Too Buy Again After A Bankruptcy, short-sale or Foreclosure

2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure.

2016 FHA GuidelinesThinking of purchasing or refinancing a home in Edina? Here are some guidelines explaining the time period from after a bankruptcy, short-sale or Foreclosure.•Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy •Foreclosure – You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. •Short Sale / Deed in Lieu...

March 28th, 2016 | Edina, Foreclosure, Bankruptcy, FHA, Short Sale, 2016, 2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure.

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