Eugene Loan Guy

Posts Tagged ‘credit score’

In a continuing effort to answer questions that effect many people that come into our website, I have picked out a new one. This question has to do with qualifying for a mortgage loan when you have had late payments on your mortgage in the past two years. Even though this question is from a different geographical area, I think it will probably concern people in the Eugene/Springfield, Lane County, Oregon.

Help Me Understand The New Mortgage Rules. Why Is It So Hard To Get A Loan?

We have tried to get a loan and have been turned down by fha, freddie mac and local banks,and the reason is that we were late on our old mortgage several times over the last 2 years after i lost my job.That i understand but what i cant understand is that was for a 1500.00 a month payment and our new loan will be around 300.00.We have 100,000 in cash from the sale of our home and are looking at homes outside the charlotte area for about 140,000 to 160,000 and can not find anyone to give us a loan.We have no car payments no credit card debt and my wife makes 48,000+ a year and a fica score of 585…. any body have a answer or know a mortgage person that can help?we have already went thru 3 brokers…HELP Read More

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Yesterday I posted about “just because you can refinance your mortgage, should you.” Today, I want to touch on another question and that is, “Can you.” I got a call yesterday from a person that wanted to know what the rate was for a refinance. That was it, no lead in, no information from her, just, what is the interest rate? When I told her that I needed information to be able to give her information her response was that the other people she talked to didn’t ask any questions. Read More

In yesterday’s installment of FHA Mortgage information, I covered the latest changes to the home loan program, including the increased down payment requirement on Jan. 1, 2009. Today, I am going to attempt to explain some of the credit and credit score requirments particular to FHA Mortgage Loans.

This is from my Active Rain Blog:

This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule! Read More

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