OhioMortgageSolutions

63 Contributions 62 People Helped Top Contributor

Member Since: May 2012

About Me: I am Co-Owner / Manager / Loan Officer at Lynx Financial Group in West Chester, OH (north of Cincinnati). I also run www.ohiomortgagesolutions.com and www.ohiofha.com and www.daytonhomeloan.com to provide information to Ohio residents to help them with their mortgage needs.

My Website: http://www.ohiomortgagesolutions.com

Most Helpful Contribution

My goal is to purchase a home. How can I improve my credit score to purchase a home.

Jul 08, 2014
Helpful to 21 out of 25 people

I would suggest talking to family and friends and see if they recommend a good loan officer.  Or you can call a few local places and speak to loan officers.  Explain that you are just starting out, and that you may be a work in progress.  Treat the initial discussion as an interview, you are interviewing loan officers to see who you are comfortable working with for 2-6+ months.  You want to work with someone that you believe will go the extra mile to help you, whether that is improving your credit score, answering calls on weekends, etc.

A good loan officer should be able to help direct you on improving credit scores, going over different options, etc.

Activity (63 Total Contributions)

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Whats the average credit score for approval for house loan

Oct 25, 2012
Helpful to 6 out of 6 people

Conventional Financing (Fannie Mae/Freddie Mac) - gold standard is 740, although you can get decent financing with scores as low as 680.

FHA Financing - gold standard is generally 680+, although most lender offer financing down to a 640

Under a 640 score your options will be severely limited.  

My goal is to purchase a home. How can I improve my credit score to purchase a home.

Jul 08, 2014
Helpful to 21 out of 25 people

I would suggest talking to family and friends and see if they recommend a good loan officer.  Or you can call a few local places and speak to loan officers.  Explain that you are just starting out, and that you may be a work in progress.  Treat the initial discussion as an interview, you are interviewing loan officers to see who you are comfortable working with for 2-6+ months.  You want to work with someone that you believe will go the extra mile to help you, whether that is improving your credit score, answering calls on weekends, etc.

A good loan officer should be able to help direct you on improving credit scores, going over different options, etc.

What is a good credit score to consider buying a home for the first time?

Jul 27, 2012
Helpful to 4 out of 4 people

The GOLD standard for a Conforming loan (Fannie Mae/Freddie Mac) is 740.  However,  you can qualify with scores in the high 600's.

For FHA most lenders have a minimum of 640, although there are a handful that will go down to 580. The GOLD standard for FHA is generally 680.

Home Loan and Student Loans

Dec 13, 2012
Helpful to 3 out of 3 people

More than likely it won't help a ton. In my experience as a loan officer (looking at credit reports for 10+ years) paying down a student loan (installment loan) does not help as much (not even close) as paying down/off credit cards.  

How do I challenge fraudulent marks on my credit report??

Jul 27, 2012
Helpful to 6 out of 7 people

You should contact your bank first and see what information they can provide.  If that doesn't go anywhere you can pull each one of your credit reports (seperately) once per year at www.annualcreditreport.com. After you pull your report, there will be the option to dispute any of the accounts. Complete the information and send any documentation as proof (proof that payment was made on time) and generally in 60 days the credit bureau will research the dispute and respond. Once they've made their decision, they will provide you with an updated credit report. Hope that helps.

Is it possible to get a mortgage with this situation?

Feb 20, 2014
Helpful to 2 out of 2 people

FHA allows for maximum financing (3.5% down payment) down to a 580 credit score.  So it is possible.  One suggestion I would make is getting the credit cards paid as far down as possible, as that should boost your credit scores.  Between a 580-620 score, your rate would be at least a full percent higher than if your scores were above a 620.

Talk to some mortgage brokers in your area and see if they have any options for you.  I would not let them pull credit until you find out if they are approved with any lenders that will go down to a 580, as there are not many lenders that will go that low.

If you happen to be in Ohio, you can find my contact info on my profile.

Student Loans and home mortgage approval

Jan 15, 2013
Helpful to 2 out of 2 people

With an FHA mortgage, most lenders will not count the student loan payment against your debt to income ratio if you can prove that they are deferred for at least another 12 months.  However, some lenders will still require that the estimated payment be taken into account. You will have to call around and ask some lenders what their guidelines are, or talk to a mortgage broker who can do the work for you.

I have a duplicate home equity mortgage on my report, how do i get it off?

Dec 13, 2012
Helpful to 2 out of 2 people

The easiest option is to contact the credit (mortgage company) and let them know.  They should be able to fix it in their system.  If they refuse, you can pull your free credit report at annualcreditreport.com and dispute the duplicate account.

3 delinquent accounts, can i get approved for a mortgage?

Jul 08, 2014
Helpful to 1 out of 1 people

Assuming that you would be looking at an FHA mortgage, it is possible to get a mortgage now.  It would hinge upon FHA's automated underwriting system (TOTAL Scorecard) approving the file.  Without knowing other details, I couldn't say whether it would or not.  But if FHA's system approves the file, then there are lenders that will do the loan.  Keep in mind that FHA changed it's Collection Policy last year, now if the total non-medical collections exceed $2000 you have to A) Pay them all off before closing or B) Setup a payment plan and include that new payment in the liabilities when calculating debt ratios or C) Use 5% of the balance of the oustanding collections in the liabilities when calculating debt ratios.

Since you would be going with Option C, that means an additional $1000 would be added to your debt when the lender calculates your debt ratios ($20,000 in collections x 5% = $1000).

Will I be able to get a mortgage two years after a short sale with a credit score of 649

Jan 09, 2014
Helpful to 1 out of 1 people

angieslade, seems there is a lot of bad info in the responses above (no offense to any of the responses).  Here is the info you need:

FHA requires 3 years from the date of Short-Sale (the date it transferred out of your name).  If you were current on the mortgage and all other debt for the 12 months BEFORE the short-sale, then you could qualify for an FHA loan immediately after the short-sale.  Based on your original post, it sounds like there were some credit issues (possibly late payments) leading up to the short-sale, so I assume that the credit wasn't clean for the 12 months before the short-sale.

In that case, you could look at the new FHA Back to Work program.  With this, you have to document that there was a 20% decline in income for a period of 6 months or more.  6 months before the short-sale, compared to the 6 months after the short-sale.  So far, I'm finding it very difficult to document everything on an FHA Back to Work program to meet lenders criteria.  Probably a long shot to be able to do that program.

Just to clear up some of the information already posted:

New FHA guidelines updating mortgage insurance guidelines changed on June 3, 2013.  Now, you pay MIP (FHA's version of PMI) for the entire loan term if you put down less than 10%.  If you put down 10% or more, then you pay the MIP for 11 years or until the loan is paid off, whichever is shorter.

Rates on FHA loans do not flucuate very much from lender to lender, based on credit scores.  Sure, someone with a 760 score would get a better rate than someone with a 620, but it wouldn't be much more than 0.50% or so.

There is no benefit to putting down 20% on an FHA loan, other than getting the shorter term on the MIP as discussed above.  You do not get a better rate, or better terms with the larger down payment.

Conventional (Fannie Mae or Freddie Mac) guidelines on Short-Sales or more restrictive than FHA.  Conventional looks at Short-Sales as pre-foreclosure sales, and require 2 years if you put down 20% or more, 4 years if you put down 10%-19.99%, and 7 years if you put down 5%.

Hope that info helps. 

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