As a mortgage broker in Florida, I was surprised to hear that 40% of the mortgage broker's licenses were not renewed last year. That's a LOT!!Business was a little slow in late 2007, but 2008 is great! And business is coming from every direction and every marketing tool is working well. What's
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03/31/2008
I know that FHA loans don't use credit scores, but I had a rude awakening the other day. If you send in a file that needs Manual Underwriting, lenders are now rejecting the file because they have a new - minimum credit score.It's not my middle credit score that they use either. The lender recei
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03/28/2008
FHA - non-traditional trade lines I understand that the FHA doesn't use credit scores, but the underlying credit history AND they'll add non-traditional trade-lines. Do all trade-lines need to be more than 12 months old? Will two 8 month old trade-lines count as one? Does repaying a car loan t
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03/27/2008
Manufactured / Mobile home financing is better left to the experts. This type of property is just DIFFERENT and, like anything else, if you do it every day you get REAL good at it. I've done financing on 1965 single wides, 100% VA purchases, tons of loans for homes in 55+ parks on rented or lea
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03/26/2008
I'm a mortgage broker and deal with credit reports every day. Recently, I came across an article that said if someone had a string of "Late" payments on a credit card, the account could be re-aged and the late payments would disappear.I guess you need a good reason for the late payments and then
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03/25/2008
FHA does not allow a mobile home to be moved. Once a mobile home is set up in Florida, the state can issue an RP (real property) sticker. The sticker is placed on a window and now it's like any block or frame home. If some years later the homeowners decide to buy a bigger, newer house and sell
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03/21/2008
As a mortgage broker, I have noticed that many of our "First Time Homebuyers", that had thin credit and opened a secured visa account at their local bank, increased their credit scores over 20 points.Thin credit is a couple of medical collections mixed in with a 3 month old car loan. There just
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03/14/2008
This is a great trick! If you had some rough patches and paid a credit card or car payment late and it's weighing heavy on your credit score, do I have news for you.After making three monthly payments on time, you can ask your creditor (over the phone even) to RE-AGE your account. They can dele
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03/13/2008
That's right! If you have a two year old medical collection on your credit report and you decide that you want to do the right thing and pay it off, your credit score could drop - substantially. Here's why:A two year old collection is pretty much old news. The credit scoring models use the pas
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03/03/2008
That's right! If you have a two year old medical collection on your credit report and you decide that you want to do the right thing and pay it off, your credit score could drop - substantially. Here's why:A two year old collection is pretty much old news. The credit scoring models use the pas
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03/03/2008