What,type,Credit,Report,need,g finance, share, loan What type of Credit Report do I need to get a Mortgage?
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
We all know your credit report is very important in the decision making process for loans. With the current tightening up in the lending arena, one might ask yourself what is required to buy a house in today's market? During the last 7 years buying a house was fairly easy for just about everyone. The rates were incredibly low and they currently still are. Here is what banks are currently looking for to get you in a house. I will talk about two of the most popular loans, FHA and Conventional. Most of the creative financing that has existed over the years is gone; we are going back to the plain old vanilla loans.Conventional LoansConventional loans are loans that are secured by government sponsored entities such as Fannie Mae and Freddie Mac. This type of loan is usually used for the following type of loans:a. Purchaseb. RefinanceThe current loan limits for conventional loans are $417,000. This particular loan is riskier for banks and requires good credit. This type of loan is run through either Freddie Mac or Fannie Maes automated underwritten engines. All banks use this software to determine whether you are approved or not. This loan typically requires a little money to get into a home, and is for good credit borrowers. Here are the determining factors from your credit report that these engines take into account.1. Your Credit Score2. Employment history3. Time on Job4. Payment history5. Debt to Income ratio6. How much savings do you have7. How much revolving credit do you have and for how long.FHAFHA loans are loans that are insured by the Federal Housing Authority, which is an entity of HUD (Housing Urban and Development). This loan is less risk to the banks, and has a lot of benefits when coming to your credit report history. Here are the benefits.1. No credit score requirement2. Low down payment (3%)3. Easy credit qualifyingHere is what FHA typically looks for to get you into a house.1. Clean 12 to 24 month history2. If you have no credit, FHA will allow alternate lines of credit, such as:a. Letters of payment history for the last 12 months in good standing from the following:1. Electric Company2. Water Company3. Cable Company4. Day Care5. Child support history6. Cell Phone CompanyThis loan also requires good rental history, you don't have to have it, but if you have credit issues it's typically required. When applying for a FHA loan, you probably should get a current copy of your free credit report and do some research. FHA is a loan that is less harsh on your credit, but you need to show at least 3 source of credit reporting in good standing. Having late payments on your credit report during the last 12 to 24 months is sure way to get denied. Get a copy of your free credit report today. Article Tags: Credit Report
What,type,Credit,Report,need,g