Blog categorized as Credit Scoring

Since the development of the FICO credit scoring model in 1989, lenders—including mortgage lenders—have relied on that method for assessing the creditworthiness of people applying for mortgages and other types of loans. The FICO Classic score, developed by Fair, Isaacs & Co., ranges between 300...
10.01.18 12:24 AM - Comment(s)

FHA loans are going to be more expensive.  Starting in April a lot of first time home buyers will be hit with changes to FHA loans that will cost tens of thousands of dollars.  A recent HUD Motgagee letter (2013-04) outlines changes to both an increase in monthly payments amount and the el...

11.02.13 08:09 PM - Comment(s)

Credit score FICO improvementFor home buyers in Richmond and nationwide, credit scores can change low mortgage rates and alter home loan approvals.

Borrowers with high credit scores get access to lower mortgage rates, for example, and can find the mortgage approval process to be more smooth that borrowers with low credit scores.


16.01.13 04:45 PM - Comment(s)