Welcome to Home Mortgages
Mortgage Loan Officer Article
This is a selection made from among articles on Mortgage Loan Officer. For a permanent link to this article, or to bookmark it for future reading, click here.
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
from: Carrie ReederWhen applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.
If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.
If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.
With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.
If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
Mortgage Loan Officer Specific links
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Ripe Tv
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More!
-- http://www.ripetv.com/
Free Online Kids Games
- Hundreds of fun free online games for kids.
-- http://www.alfy.com/
Atom Comedy: Great Moments In Human Interaction
- There are a small handful of moments in human life that are so perfect, so wonderful, so priceless that we strive to capture them forever on film. These are definitely not those moments...
-- http://www.atom.com/
Mortgage Loan Officer News
APB promotes Jones to mortgage loan officer - Capital City Weekly
APB promotes Jones to mortgage loan officer Capital City Weekly, AK - ... Inc. President and CEO Craig E. Dahl announced that Megan Jones has been promoted from mortgage loan processor/closer to mortgage loan officer. ... |
NetMore America Chief Strategy Officer Lisa Schreiber Named ... - MarketWatch
NetMore America Chief Strategy Officer Lisa Schreiber Named ... MarketWatch - "I am honored to be part of this timely and relevant conference that engages mortgage professionals to better understand technology solutions available in ... |
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... |
Heritage bank announces new loan officer - Clarksville Leaf Chronicle
Heritage bank announces new loan officer Clarksville Leaf Chronicle, TN - John Peck, president and CEO of Heritage Bank, announces the addition of Mark Stewart as mortgage loan officer for the Christian County, Ky., market. ... |
US Stocks Rise, Led by Banks, Stores; Commodity Shares Slump - Bloomberg
US Stocks Rise, Led by Banks, Stores; Commodity Shares Slump Bloomberg - Morgan Stanley and Pulte Homes Inc. climbed more than 12 percent as government cash injections into the mortgage market spurred the increase in home-loan ... US Stocks Climb, Erasing Earlier Drop, as Stores, Banks Rise US Stocks Advance, Rebounding From Worst Drop Since October |
ICBA Partners with Wolters Kluwer Financial Services to Help ... - MarketWatch
ICBA Partners with Wolters Kluwer Financial Services to Help ... MarketWatch - Wolters Kluwer Financial Services' complete suite of mortgage lending solutions can help financial institutions reduce regulatory compliance and operational ... |
Big Three ask for money -- again - Los Angeles Times
 ABC News | Big Three ask for money -- again Los Angeles Times, CA - If a business owner walked into his bank and told the loan officer he was bleeding red ink month after month, facing imminent collapse without an infusion ... AT A GLANCE: US Auto Makers Make Loan Pitch As Sales Plunge Congress gets auto industry's loan plans GM Warns It Won't See New Year Without Aid |
Smaller Mortgage Lenders See Opportunity in Turmoil - Wall Street Journal
Smaller Mortgage Lenders See Opportunity in Turmoil Wall Street Journal - At the same time, traditional mortgage-loan giants are facing a tougher challenge from some lenders that usually don't get mentioned with the industry's ... |
Anglo Irish Profit Drops 33% on Loan-Loss Provisions (Update2) - Bloomberg
 RTE.ie | Anglo Irish Profit Drops 33% on Loan-Loss Provisions (Update2) Bloomberg - “It’s quite a whopping provision to take, but it’s recognizing the world we are in,” Chief Executive Officer David Drumm said in a Bloomberg Television ... Anglo Irish Bank pre-tax profits fall 37% to €784 million Anglo Irish Fiscal-Year Profit Drops on Loan-Loss Provisions Anglo Irish Bank reports 33 per cent fall in profits |
Grim data crush 5-day stock rally - Los Angeles Times
 Los Angeles Times | Grim data crush 5-day stock rally Los Angeles Times, CA - But such a result is not certain because the turmoil in the housing market has caused loan rates to deviate significantly from Treasury yields. Mortgage ... |