	custom homes, custom furniture for home, patio,office,custom designs
	Home Site Map Powered by WhyPark.com

Credit Help for Real Estate Financing: Credit Scores

When you buy real estate, lenders run all of the "big three" credit bureau reports. Each credit reporting agency lists your credit history as supplied to them by the individual lenders and includes governmental records. Each report assigns a credit score number to you. The credit scores reflect your theoretical risk of default to the lending institutions.

Software developed by Fair Isaac and Company generates your "FICO score." Experian uses a system called Fair Isaac Risk Model, a computer program which rates you with a score according to Experian's information. Equifax bases scores on BEACON programs and TransUnion bases scores on EMPIRICA models.

Your Baseline

You have three credit scores, often called FICO scores, one from each credit bureau. The lender takes the middle score as your baseline. Lenders have different standards, but generally a "C" score is around 500 to 600, a "B" is around 600 to 680, and an "A-" is above 680. Over 700 is the magical number that gets you the attention you desire. If your score is under 500, find someone to privately finance for you or a partner with good credit while you work on improving your score.

How Lenders Rate You

Credit score Available mortgage financing
720 - 800 Superb! You get what you want
700 - 719 Wonderful! You get top rates & terms
680 - 699 Good! You get good rates & terms
660 - 679 All right. You pay higher costs & rates
640 - 659 Okay score if good income
620 - 639 Weak. You need good income & some money
600 - 619 Poor. Use creative loan broker & pay more loan costs
580 - 599 Almost impossible without large down payment
Under 580 Work on fixing credit without delay

What Does Not Count In Your Credit Score

The scoring model doesn't compute:

Age & gender
Race
Whether you own a home or rent
Length of time at your current address
Job or length of employment at your job
Income
Education
Marital status
Whether or not you've been turned down for credit.

Real estate lenders don't just consider your credit score when you apply for mortgage financing. Understanding your credit score helps you with this one part of your mortgage requirements.

Professor Jeanette Fisher, author of "Credit Help! Get the Credit You Need to Buy Real Estate," "Doghouse to Dollhouse for Dollars," and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, and newsletters, see http://www.recredithelp.com/



East Metro Association of REALTORS to Host Luxury Homes Designation Program Local Realtors have agreed to host the Accredited Luxury Home Specialist (ALHS) program, a designation distributed by REALTYU the largest network of real estate educators in the nation. The program will be delivered on March 17 and 18, 2008 at the Four Points Sheraton 1919 NE. 181St, Portland, OR 97230. Mansions for Sale at Newly Launched Luxury Homes Website Woogg.com Luxury Real Estate website is officially launched. Kitsap County Association of REALTORS® to Host Luxury Homes Designation Program Local Realtors have agreed to host the Accredited Luxury Home Specialist (ALHS) program, a designation distributed by REALTYU the largest network of real estate educators in the nation. The program will be delivered on February 12 and 13, 2008 at the association's office located at 3689 NW. Munson St., Silverdale, WA 98383. Colorado Real Estate Developer Introduces Mountain Estates Luxury Homes KST Construction, a Colorado-based real estate developer, announces Mountain Estates branded homes for sale in The Fairways at Pole Creek, a premier mountain community built around an award-winning golf course in Fraser Valley near Winter Park, CO. Mountain Estates offers buyers luxury custom homes on two-acre sites with a menu of convenient floor plan options, elevations, amenities, and golf or mountain views. Tri City Association of REALTORS to Host Luxury Homes Designation Program in Kennewick, WA Local Realtors have agreed to host the Accredited Luxury Home Specialist (ALHS) program, a designation distributed by REALTYU the largest network of real estate educators in the nation. The program will be delivered on January 16 and 17, 2008 at the Tri City Association of REALTORS office; located at 7151 W. Clearwater, Kennewick, WA 99336. US Congress Goof Leads to Free Tickets For Mediterranean Luxury Homes Raffle A loophole in the recently passed Internet Gaming Law means that people can get free tickets in a $6.5 million raffle of vacation homes on Mallorca in Spain, Europe's leading holiday destination. No catches, no taxes, no small print, and ten winners will get a key and a deed to properties worth up to $675,000 each. Grants Pass Association of Realtors to Host Luxury Homes Designation Program Local Realtors have agreed to host the Accredited Luxury Home Specialist (ALHS) program, a designation distributed by REALTYU the largest network of real estate educators in the nation. The program will be delivered on March 27 & 28, 2008 at the Association office located at 525 NE. 7th Street Grants Pass, OR 97526. Oakland Association of REALTORS to Host Luxury Homes Designation Program Local Realtors have agreed to host the Accredited Luxury Home Specialist (ALHS) program, a designation distributed by REALTYU the largest network of real estate educators in the nation. The program will be delivered on February 28 & 29, 2008 at the 1528 Webster Street. Oakland 94612. Visiting the South's Best Luxury Homes Explore the exquisite interiors of some of the south's best second home, luxury, resort and retirement communities' most elegant homes from Asheville to Wilmington, Williamsburg to Tampa Bay. See spacious modern kitchens, bathrooms complete with mosaic tiles and garden tubs, Charlestonian porches, masterful mountain retreats and more. Beverly Hills People Luxury Homes Tops $2.4 Billion In Residential Listings Beverly Hills People .com Luxury Home and Estates section tops $2.4 billion in residential listings.