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Ad ID: 58626131
Visits: 90
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Location:
Pensacola
Date Listed: Aug-19-08 Real Estate mortgage lending in Pensacola is rapidly changing as the number of first payment defaults continues to increase. With the tightening of credit guidelines, many would be home purchasers in Pensacola, Florida are getting turned down for mortgage loans because their FICO scores are not high enough to meet the minimum threshold requirements for approval. National foreclosures are at an all time high and every week it seems the number of foreclosures increases. Those with low FICO scores are often turned down for home mortgages and feel like they have no where to turn. Lenders are using FICO scores to grade applicants to determine credit risk. A borrower may have more delinquencies or collections or items on their public record that will reduce their score below many lender's minimum threshold FICO scores. Other factors that may reduce FICO scores can be the proportion of balances to limit on revolving or installment accounts. Some borrowers may think that they can raise their scores by closing accounts. Many times this will lower their score. Another little known factor in credit scoring is where a borrower that has more than one name reporting on their credit may see a score hit. The same holds true with multiple addresses. Some threshold FICO scores are being raised with many lenders for underwriting purposes and as a result more borrowers are being turned down. The key to getting the borrower approved is having programs where the minimum threshold score is lower. Once that happens, the mortgage originator can at least look at the file and start verifying information and building a case for approval. Sometimes it's a lot of work but many items can be explained to the underwriters if the borrower's FICO score meets the minimum threshold level. This will work the same whether the borrower is trying to get refinanced or purchase a home. For your free analysis to see if you can be approved for a mortgage refinance or purchase mortgage loan at a low rate contact Bill Burress, Nationwide Mortgage Expert toll free at 1-800-239-1416. Bill Burress, Nationwide Mortgage Expert has 27 years mortgage originating experience. Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming. Copyright © 2007-2008 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.
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