Archive for dominion

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Your FICO Credit Score - how is it determined?

Fair Isaac, the creator of the fico scoring model, reports the following factors determine a fico credit score:

35% payment history
30% balances owed
15% length of history
10% new credit
10% types of credit used

The percentages reflect how important each of these factors are.  See any surprises there?  What about inquiries?  They do not even make the list.   Most of [...]

21Oct2008 | dominion | 0 comments | Continued
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USDA Insured Home Loans with Zero Down Payment

USDA insured home loan key points:
 
·         100% loan to value, no down payment required!
·         Unlimited seller assist – payment towards buyer’s closing costs
·         Finance closing costs up to the appraised value of the home
·         30-year fixed rate, no balloons, no prepayment penalties, no recapture fess, etc.
·         Current interest rate:  6.50%  (8-29-08, subject to change, borrowers [...]

4Sep2008 | dominion | 0 comments | Continued
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Government Insured Loans Offer Credit and Down Payment Flexibility

Uncle Sam wants you…to own a home!  It is true.    There are several Federal and also some state government home loan programs.  FHA and VA are the most widely known.  Most of these home loan programs have not tightened their qualification standards despite the credit crunch that is changing the landscape entirely for conventional loans.  [...]

27Aug2008 | dominion | 0 comments | Continued
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Tips for Higher Fico scores

More than ever, fico scores are important for mortgage loan approval and a factor in determining the interest rate on most conventional home loans.  Here is the short list to maximize your fico score:  #1 pay everything on time, this cannot be emphasized enough, #2 establish credit if you do not have a mix (mortgage, [...]

14Aug2008 | dominion | 0 comments | Continued
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Bridge Loans Explained

Bridge loans, sometimes known as swing loans, are short term loans intended to access trapped home equity for the purchase of buying a new home.  For example, if John and Mary Homebuyer have their current home for sale and will net $200,000 (equity) after paying their selling costs and current mortgage.  That $200,000 will be [...]

6Aug2008 | dominion | 0 comments | Continued
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Down Payment – How Much Do I Need to Buy a Home?

The answer depends upon the mortgage program and a buyer’s specific qualifications.  Both Veteran’s Administration (VA) and USDA Guaranteed Rural Housing still allow zero down payment home loans.  You read that right, zero down payment and from a program insured by the Federal Government.  FHA loans remain at a minimum 3% down payment and some [...]

30Jul2008 | dominion | 0 comments | Continued