CREDIT REPAIR IS FINALLY WITHIN YOUR REACH
CREDIT REPAIR COMPANY
760Credit.com have you been turned down by credit card companies-mortgage-lenders?
Getting your score to 760 is a great start to getting what you want in life. With low credit scores your insurance will be higher. Nothing like being turned down from a credit card or trying to buy an item and you cant get it. Get out in front of your credit it is one of the most important things you can do. Most businesses go off experian-Trans union-Equifax to determine your rating. Credit scores are now being used for insurance-credit cards-home mortgages-some employers are even checking credit.
We utilize Strict Verification By-Laws, Insider Know How and Unpublished Guidelines to ensure the highest quality of service for our clients.
What would be better than knowing that once we remove the negative items from your credit reports, if for any reason they reappear we will remove them again at no additional cost to you.
Removal of Negative and Derogatory Items!
Over 98% of our competitors only write dispute letters which seldom have any effect and is something you, the consumer, can do yourself for free. National Credit Associates has proprietary information that allows us to remove your questionable negative and derogatory items permanently.
If you have accounts on your credit after 7 years you should dispute them and get them removed. If it is a bankrupcty some bureaus may keep that on there for 10 years. Credit cards-forclosures-short sales should be off with in the 7 years.
This is a good example why you will want good credit.
FHA has lowered the maximum loan amounts for County’s in Minnesota as of 2014.
Current loan limits is $365,000 for these County’s.
As of 2014 the maximum loan limit is $318,550
If you buy a home on a contract for deed you don’t have to go thru all this till you refinance your property. www.mnhomescontractfordeed.com
FHA requires a minimum FICO score. The new FHA Policy changes requires a minimum FICO score of 580 for 3.5% down payment and anyone purchasing with a score lower than 580 will require 10% down payment.
MORTGAGE lenders have their own requirements that are in addition to those of the Federal Housing Administration. The minimum mid-score in a tri-merge report must be at 620 or better.
There is only a few lenders that will accept mid-scores down to 580 but you will need to have other compensating factors such as a larger down payment, a good amount of reserves, low DTI, and the loan will require Direct Underwriting (DU) approval or need to be manually underwritten.
Late Payments, Collections, Bankruptcies, Liens, Judgments, Foreclosures, and Child Support
Late Payments - FHA does not have mortgage requirements for late payments however; individual lenders have restrictions on late payments made in the last 12 months. Greater emphasis is placed on late mortgage or rent payments in the last 12 months. Lenders may overlook a period of late payments on revolving and installment accounts as long as your overall payment history is not consistently poor.
Any mortgage late payments made in the last 12 months means that the loan will require manual underwriting and approvals are on a case-by-case basis.
Collections - FHA mortgage requirements do not specify that all collection be paid off. Collections are evaluated on a case-by-case basis though certain lenders may require collections to be paid.
Bankruptcies - Chapter 7 must be discharged for at least 2 years with no late payments since the date of discharge.
Chapter 13 must be discharged for at least 1 year with no late payments on any credit trade line since the date of discharge and no late payments to the court on the bankruptcy.
Liens - FHA mortgage requirements will not allow for any delinquent federal debt such as student loans or tax liens.
Judgments - FHA requires that all open judgments be paid in full and released from the land records prior to closing.
Foreclosures - FHA eligibility requires that at least 3 years have passed since the date of the foreclosure.
Child Support - FHA mortgage requirements do not allow for any past due child support on the credit report. The past due child support must be brought current and released by the court.
If you are paying court ordered child support, it is considered a liability payment (even though it may not show up on your credit report or your pay stubs as wage garnishment) and counts against your debt ratio (DTI). Receiving court ordered child support is considered a source of income.
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