Houstonians are finding that they can not close on their homes because Congress let the National Flood Insurance Program lapse. A tropical storm is already brewing in the Gulf of Mexico, with Hurricane season upon us early this year. Lenders are reluctant to allow the buyer to close on a property in a flood zone without the necessary insurance. Buyers are finding that they may lose out on the federal tax credit because they can not close in time. These delays are adding additional costs to the buyers and … [Read more...]
Archives for June 2010
Get Finances in Order with Free Report
Get Finances in order with Free Report It makes sense to make sure your finances are in order before you start looking for a home. Texas residents will have online access to free credit reports by June, making that process a little easier. The Fair and Accurate Credit Transactions Act of 2003 made it possible for consumers to access free copies of credit reports, which list a consumer’s financial history, including total debt and whether you pay bills on time. The law was designed to help us better monitor … [Read more...]
Credit Scoring Quick Answers
Credit Scoring Quick Answers What does a credit score range from? 300 to 850 What is a good score? 680 and above is considered “A” credit What determines the credit score? 35% payment history (lates, collections, charge-offs, public records) 30% account utilization (balances being carried) 15% length of credit history 10% types of credit (mixture is best) 10% inquiries (only the first ten count) Should a person pay-off their debt? The only debt that should be paid during the loan … [Read more...]
Credit Repair Packet
CREDIT REPAIR PACKET INSTRUCTIONS Step 1: Fill out the three dispute letters below using your personal information for the three specific credit bureaus. Step 2: Make sure you have listed your proper address and contact information Step 3: Sign each document Step 4: Mail each letter individually to the corresponding addresses listed in the packet. One letter should go separately to each of the credit bureaus. Step 5: Repeat Step 3 every 30 days. You will receive an updated credit report from each of … [Read more...]