Credit Do’s and Don’ts During the Lending Process
600 scores for FHA and VA (new program):
1) We have lowered our scores to 600 for FHA and VA only.
2) The same overlays that apply for 620-639 will just be extended down to 600.
3) The only extra overlay is AUS approval only for 600-619. We will not manually override a refer.
Manufactured Housing now available on FHA and VA (new program):
1) To many over lays to share here. Read the guideline launch that is attached. Min Score 680!
Did you know that your credit report is pulled twice during the lending process? Once in the beginning during the pre-approval stage and again right before your closing. During this time period it is imperative that you don’t do anything that could impact your credit score or your loan. Here’s what to do and not do to protect your credit while you are in the process of purchasing or refinancing a home.
Don’t Apply For New Credit
Refrain from taking out any new credit cards within the three to four months before you apply for a mortgage or while in the process of securing a loan. When you apply for a new line of credit with a company or retailer they will run your credit report to make sure you qualify for their card. This can decrease your credit score, which can push you into a lesser credit score category…
The different types of mortgage insurance available for Louisville Kentucky Mortgage Loans
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Annual Plan – The first year premium is collected at closing, and then monthly payments are held in escrow for the following year.
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Monthly Plan – Two months of MI is paid at closing, then collected monthly as part of the mortgage payment.
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Zero Up–Front Plan – Use that money for the down payment instead, as MI is paid monthly with the first mortgage payment, not at closing.
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Single/Financed Premium – Entire MI premium is paid at closing, and can be paid with down payment assistance or financed into the loan.
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Split Premium – A combination of single premium and the monthly plan; the seller can help with the up–front premium or it can be financed in, resulting in lower monthly premiums.
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Single Premium Lender Paid Mortgage Insurance (LPMI)4– “Life of Loan” mortgage insurance that is paid after closing by the lender; no annual or monthly premiums or renewals.
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