Member Michelle McCue
MemberForum Replies Created
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I love pizza. It is my favorite food in the world. Even bad pizza is good pizza. Some of my favorites are –
https://www.mistero1.com/ – beautiful pizza in Miami!
https://www.loumalnatis.com – fantastic corn meal crust
https://fontinagrille.com/ – artisan pizza that is as delicious as it is beautiful.
What is your favorite place?
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Credit Karma is a retail score. It is a good gauge of your score if you went to the mall and opened a store credit card. there are a few scoring categories including insurance and mortgage.
The two main scoring models are FICO and Vantage.
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D. All of the above!
Credit is fluid. We can absolutely help you raise your score during the preapproval process. Often, we see nice increases in score during underwriting as well.
A higher score and lower DTI certainly are important factors in the risk assessment of a borrower.
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If the credit report is clear and the debt to income ratio is low, a manual underwrite can be done USDA down to 580. Accept findings on the automated GUS system are typically not achievable with scores under 640.
FHA loans require a score over 500. The minimum down payment for borrowers with scores under 580 is 10%. Scores over 580 have a minim down payment of 3.5%.
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I know who your source is. He is a little full of it. lol 🙂
It does not take a month in most cases. Additionally, they do report the account as current once the borrower has made contact. Changing from delinquent status to current has changed the scores and the findings for many of our borrowers.
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Yes. It is a willingness to lend, as well as the ability to pass high-cost guidelines. USDA rates are often a little bit higher. Once you venture into the lower scores the cost can become probative. Rural Direct seems to have a slightly higher tolerance for low scores, but the dti and income limits can be a significant deterrent.
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As of this moment no one else is doing these loans as well as Carrington. Oak Tree is entering the market, but it is not an easy process. FGMC used to do these loans, but they have exited the market completely.
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Carrington has the most forgiving program for mortgage lates. They allow rolling 30 & 60 day lates. They will even allow 90 days. It really an incredible program that gives families a second chance.
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I think securing tradelines via secured card or credit building accounts is a great way to rebuild during bankruptcy. I find Self, Applied Bank and Credit strong to be particularly easy to work with.