David Saks: Real Estate Practice : Lesson 3734

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3734

a-

Things get a bit stricter here, but it's safe to say that your still in good territory if you meet the following criteris.

I spoke with one of the local lenders and he told me that these are a few of the things that they look for generally if your considered an A minus type borrower.

• I've heard FICO is not a factor if you've had good credit for the last 12 months (I'm not sure about this one, so help out mortgage folks) although I tend not to believe it !

• Job stability - two years in the same profession, on the job

• Debt to income ratio (house payment, installment & revolving accounts) not over 55% of gross income

• Consumer credit - up to four 30-day late payments, one 60 but no 90 late notices on your record

• Mortgage credit - one late payment in the last 12 months

• Liens, judgments or collections must be paid if they affect the title to the property

• Bankruptcy . at least four years since your discharge and you've had good credit since

Some of these requirements may be changing now because of tough new lending standards, so fill us in below if you can think of anything we need to know.

Now, interest rates might come in at slightly higher numbers for the A minus borrower and these are just a few of the things I've discovered associated with this rating.

Can you add anything ?

 

( ps....my FICO score is 840 , and has been in the high 800 range for many years )




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 29 2014 08:33AM

Comments

David, I like this post about A- credit, A- is good credit but can obviously be improved fairly quickly and easily in most cases.  Thanks for sharing!

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) about 5 years ago

Thanks, Sam.

Posted by David Saks ((retired)) about 5 years ago

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