As of October 4, 2010, there was yet another change made that affects FHA loans. The minimum credit score was raised from 620 to 640. This will affect potential buyers that had marginal scores before these changes took place. Now it is definitely important to review your credit report and obtain pre-approval before getting too deep into your home search.
This information was provided courtesy of Angie McKinney with Supreme Lending.
Click to see our original post, ” New FHA Loan Changes” from Sept. 28th.
Source: Angie McKinney- Supreme Lending
These days you have to be really careful with your credit if you are thinking about buying a home. You should check your credit report every so often because sometimes they have bad info on them. Happened to my friend and made it hard for him to get a loan.
Need more articles like this one to help people understand how important high scores are. I brought my credit score from 594 to 701 and I was able to get a much better loan rate.
You should look into your scores and credit reports pronto. It is possible that there is incorrect information or that someone has stolen your identity and racked up some late bills. Also make sure that you haven’t had any late credit card payments, cell phone bills, utilities, etc. if you are trying to get a loan.
Are we eligible for the home buyer tax credit? We are buying a house in Maryland and currently live in Virginia. We have only had our home for 3 years but someone told us that because we are travelling with the united states department of state we are eligible. Is this straight?
Thank you for your question. Regarding the tax credit, I know that active U.S. Military service members that were stationed oversees during the time that the credit was in place, were given an extended period of time in order to utilize the credit. I am not sure if it would apply to your situation, although it is possible. The best advice I can give you is to check with a mortgage lender in your area because they will be able to research your options and find out the specifics for you. Good luck with your home purchase!
Shannon Schwab, Associate Broker, CENTURY 21 Key Realty
Office: (334) 793-6990, Cell: (334) 655-9091, E-mail: shannon@c21keyrealty.com
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Please check out the new post, “Extended Homebuyer Credit for members of the Military and certain other Federal employees” that was posted on 2/15/11 for additional info about from the earlier comment.
Shannon Schwab, Associate Broker, CENTURY 21 Key Realty
Office: (334) 793-6990, Cell: (334) 655-9091, E-mail: shannon@c21keyrealty.com
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There is a term and I cant think of it…when creditors have access to anything (including garnishing of wages) but not your house. What is that called?
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Nice post about higher credit scores.
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So now it would be hard to apply for a loan, I normally have a credit score of 620. If it is raised for about 640, I think I can’t get the loan that I need.