HOW ARE credit scores affected in this new mortgage environment?
One 30 day late on your mortgage will drop your credit score 10 to 110 points
One 90 day late on your mortgage = 70 - 135 points
A foreclosure, short sale or deed in lieu of = 130 - 240 points
And a bankruptcy = 130 - 240 points
Need more info?? Matthew Garnes 702.526.3133 or mjgarnes@gmail.com
With credit guidelines tightening for mortgage loans, credit and credit scores have never been more important in obtaining financing when buying a home. Especially in the Las Vegas, Henderson Nevada area where a good number of workers are tip earners and have a hard time proving income traditionally. Below is a link to the Freddie Mac website that is offering an online course on how to repair and maintain your credit
http://www.freddiemac.com/creditsmart/
Once again if you would like to refinance your upside down your mortgage and lower your monthly payments when the new FHA Housing Bill takes affect Oct 1 click on the link below and add your name to my contact list
http://garnesmortgage.com/fha_bill.html
Thanks for reading and make it a great day!!
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