Rapid Rescore a Great Way to Raise Your FHA Loan Credit Score in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
It’s amazing how many really minor credit issues can keep down a home buyers credit score and prevent FHA loan approval in California. However, there is a really great tool FHA mortgage loan officers can utilize in assisting you in quickly removing mistakes or making changes to boost your credit score, it is called “Rapid Rescore”.
When you would want to do a rapid rescore to improve your FHA loan credit score?
- Let’s say a collection just popped up on your credit and you know it’s not correct. If you can all the creditor and get them to remove the collection, we can have your credit score updated in 2-5 days with your new score instead of waiting 30-45 days for the creditor to report this to the bureaus.
- One factor that hurts your credit score is the ratio of your outstanding balance to your credit card credit limits. Let’s say you just paid a few of your cards down to 30% of the limits. We just need your most recent statements and we can rescore your credit in 2-5 days with the new balances. This can sometimes dramatically up your score.
- If a creditor mistakenly reporting a 30 day late on any account. If you can call the creditor and get this removed, we can update your score in 2-5 days.
Those are just a few of many, many factors that can affect your credit score needed for the very best FHA loan interest rate (or conventional or VA interest rate). For more detailed information on what affects your FHA loan credit score click on this link and read my in-depth article here: http://www.socalfhahomeloans.com/your-credit-history-and-applying-for-an-fha-loan/
So don’t hesitate to send me and email or give me a call if you have any questions about your credit score needed for FHA loan approval (or conventional or VA loan approval). I have looked at thousands of credit reports over the years and analyzed them for borrowers and made suggestions and put them on the road to FHA loan approval.
Here are some highlights of FHA and conventional loans right now:
- FHA loan interest rates have recently dropped again and are even lower than former historic lows!
- Maximum FHA loan if California can get all the way up to $729,750 in many counties of California. FHA loans in Los Angeles, San Diego, Orange County, San Jose and San Francisco can have very high loan limits.
- FHA loan down payment is only 3.5% and that can be a gift from a relative
- FHA home loan requirements allow a very lenient debt-to-income ratio of 56.9% where conventional loans are 41%-45% with less than 20% down.
- FHA loans do come with up front mortgage insurance that is rolled into the loan balance and monthly mortgage insurance for the first five years.
For more FHA loan information in California feel free to send me an email at homeloan8@gmail.com or call at 858-922-7899.
Warmly,
Rob Chomentowski
Sr. Loan Officer (FHA, VA and conventional loan specialist)
858-922-7899
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