Colorado Springs Vintage Homes Blog
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7 important things to know about FHA Loans
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Related Articles:
The Advantages of FHA Loans
The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one:
(1) Congress passed the Stimulus Act of 2008. During the recent housing boom, home values sur
passed FHA loan limits in many regions of the US. The recent enactment of this important legislation, however, increased FHA loan limits up to $729,500 in many high-cost regions of the US through the end of the year. FHA loan limits vary by county; current limits for El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
(2) The FHA has changed its appraisal and fee negotiating guidelines. In the past, many sellers steered clear of FHA loans because the appraisals were too strict and certain fees were non-negotiable. The FHA has greatly loosened these guidelines to make it easier for both buyers and sellers. Read the rest of this entry »
What are the credit consequences on a short sale?
Part VII in Short Sales Series for Colorado Springs Home Owner’s
Related Previous Posts:
- Colorado Springs Homes, 4 things to know about a short sale – Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options – Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale – Part III of Short Sales Series
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do Colorado Springs Short Sale? – Part V in Short Sale Series
- Are there tax ramifications to a Colorado Springs Short Sale – Part VI
Are there any credit consequences to a Short Sale?
As I continue to do more and more Short Sales for home sellers in Colorado, I frequently get asked this question. It’s a fairly simple answer, as the moment a home owner get 30+ days behind on their mortgage payment, the bank will probably report this information to the credit bureau. When a late payment is reported; it does have a direct affect on your credit.
It’s also important to note that when the actual Short Sale is completed, many lenders will report that the account was “paid in full for less than the full amount.” A credit report may also be marked as “settled.” Each lender has a different way of reporting that a Short Sale was done, but this seems to be the most common language that is seen. Read the rest of this entry »
Buying a Home in Colorado Springs, manage your most valuable asset! Part VI
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part VI
Anza Goodbar, President of Clearview Mortgage 
Previous Posts by Anza:
- Tips for Colorado Springs Consumers – what is identify theft?
- Want to buy a home in Colorado Springs, manage your most valuable asset!
- Buying a Home in Colorado Springs, manage your most valuable asset! Part II
- Buying a Home in Colorado Springs, manage your most valuable asset! Part III
- Buying a Home in Colorado Springs, manage your most valuable asset! Part IV
- Buying a Home in Colorado Springs, manage your most valuable asset! Part V
Now that you understand the individual components of your credit score and how they factor into your total score, let’s talk about what you can do to increase your score.
How to build your credit score:
You may be young and just starting to build a credit history, you may have been married and all of the credit history was in your husband’s name or you may have experienced difficulties in your past that have caused blemishes on your credit report.
The first step is to pull a tri-merged report to verify it is accurate. For this example, let’s say everything reporting is correct. You may not have a score because you have not applied for credit in the past. It may be difficult for you to obtain credit Read the rest of this entry »
Buying a Home in Colorado Springs, manage your most valuable asset! Part V
Colorado Springs Vintage Homes is happy to feature another great article
on Managing Your Credit Score – Part V
Anza Goodbar, President of Clearview Mortgage
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Previous Posts by Anza:
- Tips for Colorado Springs Consumers – what is identify theft?
- Want to buy a home in Colorado Springs, manage your most valuable asset!
- Buying a Home in Colorado Springs, manage your most valuable asset! Part II
- Buying a Home in Colorado Springs, manage your most valuable asset! Part III
- Buying a Home in Colorado Springs, manage your most valuable asset! Part IV
- Buying a Home in Colorado Springs, manage your most valuable asset! Part V
Your Credit and You!
Let’s take a look at the final category that impacts your credit; the type of credit you use.
Types of Credit Used:
While this area has a lesser impact on your credit score, it is still important. The credit reporting formula is complex and takes many factors into consideration when calculating your score. It looks at the types of credit you have, the number of accounts you have and the mix of accounts.
There are two basic types of credit:
- Revolving
- Installment
Revolving credit is a credit card, a retail account Read the rest of this entry »
Manage your most valuable asset! Part II
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part II
Anza Goodbar, President of Clearview Mortgage
Your Credit and You!
Now that you have an idea of the factors that impact your credit, let’s take a look at the next category.
Amount Owed:
The amount of money you owe also factors into the information your lender evaluates. It is important to demonstrate you know how to use credit wisely and you are not credit dependent. It is never wise to have balances on revolving accounts that exceed 70% of your allowable limit. It is best to not exceed 50%.
You can manage this in a couple of ways. First, pay off the balances on your revolving accounts monthly. Second, know Read the rest of this entry »
Credit score explanation
10 Things to Understand About Your Credit Score
Search for Homes in Colorado Springs
As lenders have continued to become more selective in issuing loans,
It’s more important than ever to understand your credit score
(1) What is a credit score?
• It’s a 3 digit number, the higher the number the better
• It is a statistical equation, and used to assess credit risk
• It’s used to see who qualifies for a loan and what type of interest rate they qualify for
• It’s the determining factor on whether you can obtain financing, and at what cost
(2) What is used to determine my credit score?
• Some of the information included in determining a credit score are: Read the rest of this entry »
Tips for Colorado Springs Consumers – what is identify theft?
Get a Free Market Analysis on your Home, Email KTorline@msn.com or call 719-287-1049
Colorado Springs Vintage Homes is happy to feature a great article
on Identify Theft from
Anza Goodbar, President of Clearview Mortgage
What is identity theft? Identity theft occurs when someone uses your personal identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. It is estimated that nearly 9 million US citizens have their identities stolen each year.
In today’s world, your credit score may be one of the most valuable possessions you have. A good credit score can Read the rest of this entry »
