Fico Releases New Credit Score for Mortgage Lenders
Fico, formerly Fair Isaac, unveiled a new credit score today designed specifically for mortgage lenders and servicers.
The so-called “BEACON® Mortgage Score,” created with credit bureau Equifax, aims to provide better decisioning results when addressing the risk of both current homeowners and potential ones.
“Everyone in the mortgage industry is working hard to manage risk more effectively, which Read more
8000 Tax Credit for First Time Home Buyers
The Federal Government had its citizens captivated with the anticipation of the Senate’s $15000 tax credit that
was quickly rejected in committee. This credit generously provided homebuyers – not just first-time homebuyers – with a tax credit of up to $15000. Instead, negotiations on the bill increased last year’s $7500 housing credit by $500 resulting in the approved $8000 tax credit, or 10% of the purchase price– Read more
15000 Tax Credit for Home Buyers
Clearly the federal government wants its citizens engaged in the housing market again. As part of the original 2009 stimulus package, a 15000 tax credit for homebuyers is emerging as an incentive for those who are considering this investment. The $15000 tax credit bill is yet to be a federal law, but its passage in the Senate sets the course for its approval. So far, it is yet to be signed by the House, indicating that Read more
Houston Scraps Plan to Pay Off Applicants Credit Cards to Facilitate Mortgage Qualification
How’s this for a bad idea.
Yesterday, Houston Mayor Bill White was the subject of a great deal embarrassment after details of his so-called “Credit Score Enhancement Program” wound up on the Drudge Report via Houston Chron.
The much ridiculed program was essentially a bid to boost home sales for borrowers with less-than-adequate credit scores, by falsely inflating those scores.
Borrowers Read more
The New and Approved $8000 Tax Credit
The Federal Government had its citizens captivated with the anticipation of the Senate’s $15000 tax credit that
was quickly rejected in committee. This credit generously provided homebuyers – not just first-time homebuyers – with a tax credit of up to $15000. Instead, negotiations on the bill increased last year’s $7500 housing credit by $500 resulting in the approved $8000 tax credit, or 10% of the purchase price– Read more
7500 Tax Credit For First Time Home Buyers
Congress created the $7500 tax credit incentive to help first time home buyers get into a home and stimulate the housing market and economy. Their rationale is that it will help stabilize home prices and increase home sales. First time home buyers purchasing a home between April 9, 2008 and before July 1, 2009 are eligible for the 7500 tax credit. The home must be used as a principal residence and be occupied within Read more
Higher Loan Limits, Tax Credit Included in Stimulus
Things are looking up, kind of.
As expected, higher conforming loan limits and a larger homebuyer tax credit are part of the latest stimulus package to be signed into law by President Obama in Denver today.
The $787 billion bill will push the high-cost conforming loan limit to as much as $729,750 in more expensive regions of the country, helping scores of borrowers refinance into more affordable loans Read more
Managing credit card debts
Credit cards can be a blessing or a curse. Used correctly, they are an excellent short-term source of finance, particularly useful for emergencies, and they are a good way of improving your credit rating, since they can prove your ability to handle credit reliably. But if credit card debts are left for too long, those debts can begin to grow, and it’s often not long before they become unmanageable.
Managing credit card debts is Read more
Agreement on credit card debt reached
Credit card companies have agreed on a set of ‘fair principles’ to help consumers struggling with credit card debt.
As part of the principles, the companies have agreed not to raise their interest rates if a customer has not made the minimum repayment for two or more consecutive months, or has a repayment plan in place, or is in serious discussion with a debt advice group.
Borrowers must also be given 30 days’ notice Read more
7500 Tax Credit For First Time Home Buyers
Congress created the $7500 tax credit incentive to help first time home buyers get into a home and stimulate the housing market and economy. Their rationale is that it will help stabilize home prices and increase home home sales. First time home buyers purchasing a home between April 9, 2008 and before July 1, 2009 are eligible for the 7500 tax credit. The home must be used as a principal residence and be occupied within this time frame. For Read more