General Credit Topics

[HouseHunter]

Utilization is your balances in comparison to your credit limits.

Example:  If you had a card with a $4000 credit limit and a $1000 balance, you would be utilizing 25% of your available credit.

Message Edited by HouseHunter on 05-06-2007 11:55 AM

[jennmarie93]

Then I guess our utilization if very low....0% on one card, 25% on the other, and approx. 50% on Chevron (although it still shows we're over balance and owe $400 when we actually owe 1/2 of that).

[Howsep2005]

Try this website

http://www.realcities.com/mld/kansascity/business/personal_finance/debt_management/mortgages/ask_exp...

[Noah_Bodie]

Getting the Chevron down from 50% to 30% util should give you a bump.

[Tuscani]

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Noah_Bodie wrote:

Getting the Chevron down from 50% to 30% util should give you a bump.

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Under 30% would even be better!

[devhip]

jenn, I just got approved for the Fannie Mae Flex 100. My scores are mid 600's, but they looked more at my DTI according to my broker. They also like to see some assets, so if you have some funds sitting around in a supplemental retirement or anything similar it will help a lot. I actually had to come up with the closing costs, only around 3%.

[OneMortgageGuy]

With a 600 fico with no mortgage lates or no lates on the rent you can do a 100% subprime loan with full doc (no pmi). Stated is 90% max (no pmi).

DR must be at 50% or less.

The only assets you will need is to cover closing cost but you maybe able to roll that in after the appraisal comes back.

[OneMortgageGuy]

Not true... You can still go 100% LTV at 50%DR w/ no assets, no down payment going full doc. just not all lenders.

You guys know anyone please send them my way!!! =)

[OneMortgageGuy]

The good thing about building a new home is they will start with little money down. TIP number 1... New home sales are down. As long as you get a preapproved letter from a lender you are all good. Key work PRE! The builder will ask for earnest money and most want 2,500 plus but they will take 500 bucks. Lots will do zero. Your goal should be zero.

Now all contracts have a way out but you may not get your cash back. Most contracts will state that if you get turned downed by the lender you will get your money back but the lender will need to provide a turn down letter.

I have a friend just started building with ZERO down and got a free TV.