Skip to main content

Financing & Your FICO Scores

The Lenders we work with provide Conventional, FHA, VA fixed rate loans with rates often better than those offered by direct or correspondent lenders. We provide quick, smooth and ON TIME closings for our clients.

We all should know how important FICO scores are, so here are some basic information to enhance your FICO knowledge and your score. Good credit scores help make it possible to qualify at better rates. For those with lesser FICO scores, we use more forgiving FHA loans. We can help you get qualified and ensure you get to move in or close escrow on the day you want.

FICO Scores are weighted and structured with the following weight:
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
And the overall calculated ranges:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.

Please know that we can help you get qualified and close ON TIME. Visit our website call or email to get started on your prequalification. You may be surprised to see how much you can afford with interest rates at an all time low.

www.SCVRealty.com
661-287-4466 ext. 226
Labels:

Comments

Post a Comment

Popular posts from this blog

Low home loan rates create more affordable housing.

HOME LOAN RATES REMAIN LOWER:    NOW MAY BE THE PERFECT TIME TO SEE HOW MUCH YOU CAN SAVE ON YOUR NEXT MOVE.  HAVE YOU BEEN CONSIDERING DOWNSIZING, UP-SCALING,  MOVING TO A BETTER NEIGHBORHOOD OR SCHOOL DISTRICT?   IF YOUR CURRENTLY RENTING THIS IS ALMOST A NO BRAINIER, WHEN YOU COMPARE YOUR RENT TO YOUR INVESTMENT IN OWN HOME.    TODAY'S  CONFORMING LOANS TO 417K OFFER THE FOLLOWING: 5/1 ARM: 3.25%with zero points 10 Year Fixed: 3.375% with zero points 15 Year Fixed: 4% with zero points 30 Year Fixed: 4.75% with zero points. JUMBO TO 729K 5/1 ARM: 3.5% with zero points 10 Year Fixed: 3.875% with zero points 15 Year Fixed: 4% with zero points 30 Year Fixed: 4.75% with zero points out-of-pocket cost is for the appraisal. SUPER JUMBO TO 1.5MM 5/1 ARM: 4% with 1/2 point 30 Year Fixed: 4.75% with 1/2 point    Special attention to consider the 30 year fixed rate on Super Jumbo. This rate has never been...
Post a Comment
Read more

Pending US Home Sales Surge

Last month Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers." Santa Clarita Home Value Santa Clarita CA Real Estate Agent | Santa Clarita CA Homes for Sale Weichert, Realtors - Hoshaw & Associates David Hoshaw, Broker, CRS, GRI, e-P...
Post a Comment
Read more

MOLD!!!!

The word "mold"has become a household name. It seems that there is so much information out there about health and air quality in our immediate environment stems back to "mold". It is as big an issue as the dreaded Termite problem. This is now so big that even home insurance companies may not issue new home owners coverage until they come to photograph key locations in your home to ensure that you do not have existing "mold". Insurance companies can go so far, as excluding coverage for any pre existing mold in your house. So what is the big issue with "mold" and why are we so cautious today? Well, recent studies show how sick it can make you and your loved ones in the home. It may well be the source of many allergies, and many other problems that we had not even noticed in the past years. Sometimes "mold" can be very obvious, and sometimes not If you are living in an old home, as many are in the US then chances are you may have mold in s...
Post a Comment
Read more