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From the category archives:

Credit Scores

How Bad Will Foreclosure Hurt Your Credit?

by Justin McHood Credit Scores

FICO gave us a peek into the way credit scores are calculated and exactly what kind of “damage points” you can expect on your credit for items like late payments, foreclosure and bankruptcy.

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FHA Streamline Refinance: No Longer Easy?

by Justin McHood Credit Scores

The FHA Streamline refinance was originally created by HUD to “make it easy” for people who currently had FHA loans to be able to take advantage of lower interest rates when they were available without having to completely re-qualify for a new loan.
Recently, many lenders now require credit scores of 620 if you want to [...]

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The FHA Streamline Refinance: Do You Need A 620 Credit Score?

by Justin McHood Credit Scores

Many lenders have started requiring a 620 minimum credit score for the FHA streamline program. Many, but not all – and it is not a FHA requirement that you have a 620 minimum credit score.

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Does FHA Have Minimum FICO Score Requirements?

by Justin McHood Credit Scores

Does FHA have minimum credit score requirements? No but investors do. Some require a 620, some require a 580, some require a 500 and some have no minimum.

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If You Have Bad Credit, Can You Still Get A Mortgage?

by Justin McHood Credit Scores

“If you have bad credit, can you still get a mortgage?”
Generally speaking – no.
Or maybe I should say “not until you fix your credit”.
Fix your credit?
How does that work?
The truth is, I don’t really know (how is that for honesty?).  But I can say that we work with a small handful of credit repair companies [...]

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FHA Mortgage Facts From FHA Outlook

by Justin McHood Arizona Home Financing Options

From time to time, I am asked questions about the FHA program or FHA loans by various people such as:

“How long does it take to fund an FHA loan?’
“What is an average FICO score for someone who gets an FHA loan?”
“Is the Hope for Homeowners program real?”
“How come I have never heard of the 203k [...]

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All About Credit Scores (Part 3 of 3)

by Justin McHood Credit Scores

In our final installment of All About Credit Scores, I thought I would compile some of the Frequently Asked Questions that I have heard in the recent past (that I could remember at least!).
“Will paying off a collection account remove it from my credit report?”
No.  A paid collection account will remain on your credit report [...]

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All About Credit Scores (Part 2 of 3)

by Justin McHood Credit Scores

In part 1 of our All About Credit Scores series, we covered a few simple ways to tip the scales in your favor when trying to maintain a good/great credit score.  Today we are going to cover the “secrets” behind credit score calculations.
Until recently, the secrets of credit score calculation have been very closely guarded [...]

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All About Credit Scores (Part 1 of 3)

by Justin McHood Credit Scores

Your credit score is a numerical representation of your statistical likelihood to repay credit that is extended to you.  Scores range from 350 to 850.  Your score is a “snapshot” of a specific moment and can change with new actions and the passage of time.
Some things that can help you tip the scales in your [...]

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Ten Tips To Help Avoid Identity Theft

by Justin McHood Credit Scores

I was speaking with someone this week who had been the victim of identity theft — and I was again reminded what a personal and financial toll identity theft can have on its victims.  Here are a few simple ways that you can help protect yourself from being a victim of identity theft:
Monitor your credit [...]

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