Victoria Real Estate Agency Home Sale Listings

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.

Copyright © 2005 Jeanette J. Fisher - All Rights Reserved.

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/

MORE ARTICLES:

Real Estate Agents Turning to Surface Restoration Company to Help Speed Home Sales
Real Estate agents are turning to Miracle Method, a national surface restoration company, to update bathrooms and kitchens to get a higher price for homes and speed sales.

Choose the Right Agent in Selling Your Home in Siesta Key Real Estate
Selling your home in Siesta Key real estate can be stressful since it is a huge undertaking that you can do in your life. If you will be doing wrong choices, you will make things worse and you wont be able to sell your home quickly and with the best deal.

Design Firm Creates Flash-Driven Real Estate Listing Map for use by Real Estate Agents
This map is scalable, sizable and can zoom from an aerial view all the way down to the street level.

How to Sell Your Home Without a Real Estate Agent
Considering the rapid rise in home prices over the past several years, home sellers are taking a hard look at the commission they have to pay to a real estate brokerage to market and sell their home. Real estate commissions vary across the country; they average in the four to seven percent range.

Designed For Real Estate Agents By Real Estate Agents, The Newest Referral Service Just Launched
Findmearealestateagent, the most comprehensive relocation reference site on the net. Serving the continental United States, findmearealestateagent.com is dedicated to providing families, corporations, small business, and individuals with all the tools necessary to make their relocation easier.

Choosing A Real Estate Agent to Sell Your Home
If you are considering, or have decided to put your real estate up for sale then you are probably looking for a real estate agent. What do you need to look for in an agent so that your experience turns out not only positive, but hopefully resulting in the sale of your property.

Learn Seven Things You Must Know Before Choosing the Right Waterfront Real Estate Agent
You?ve made the decision to buy a waterfront home Now, it?s time to choose a real estate agent to help you find your perfect home

Lake Oswego Oregon Real Estate Agents / Lake Oswego OR Homes for Sale
Looking for a new place to live in the Portland, Oregon area? If so, youre not alone. In recent years, the popularity of Northwestern cities such as Portland has skyrocketed: people are beginning to realize that the Northwest offers tremendous culture, stellar job opportunities, and amazing scenery  in an area that is not yet overcrowded.

Real Estate Loan Agents, Real Estate Loan Agents,Investment Properties, Investment Properties in USA
While America and the world hold their breath, waiting for the Presidential and Legislative Branches of the United States Government to take action, that will hold off and help correct the mistakes of the sub-prime meltdown, there are some progressive Real Estate Loan Agents providing mortgages from exclusive leads from the opportunities provided in their counties from the daily marketing efforts by the team at Myhomesearches.com. These loan agents, providers of mortgages during the boom days are making deals today because of their membership.

Indianapolis Real Estate Agent Offers Tips for Selling a Home in a Down Market
Indianapolis real estate agent Matt Borushko offers six tips that home owners should know when thinking about selling their home.

Home Buying Institute Now Offers Free Real Estate Articles to Agents
Real estate publisher and home buying expert Brandon Cornett has created a new website that allows real estate agents to republish a variety of real estate articles for free.

The All Important Real Estate Agent - Selling Your Home in a Buyer's Market
You've decided to sell your home In the current real estate market where there is a veritable glut of listings in many regions of the country, there are some simple things that you, as a seller, can do to enhance the chances your home will sell within a reasonable period of time

Real Estate: Buyers Agent, Sellers Agent & Dual Agent (defined and explained)
There is a relatively new and not always well understood practice in Real Estate sales; it is called Buyer Agency or Buyer's Agent. Until recently Realtors and agents usually represented the seller, in opposition to the buyer, during the real estate transaction.

Waterfront Houses USA Launches Waterfront Homes and Property Listing Service
Budget-Quotes, Inc. would like to announce the opening of their waterfront real estate listing service Waterfront Houses USA. Waterfront Houses USA is a medium for homeowners and real estate professionals to list their properties specifically targeted to waterfront, water view, and water access.

Real-estate-agent-lists.com Celebrates One Year Helping Real Estate Agents Prosper in Slow Market Using Realtor Lists to Work Smarter, not Harder
Zichron Internet Marketing (ZIM) LLC is celebrating the one year anniversary of its launch of list of 1.5 million realtors with full contact information including 1.1 million agent email addresses has made it easier and less expensive for agents to communicate with other agents to drive more business.