May 2019

Mortgage Lender in Rochester MI Explains Why Credit Scores May Vary Between Different Reporting Companies

By |2019-05-10T18:21:16+00:00May 10th, 2019|Loan Eligibility|

Have you ever wondered why there are several versions of your credit score? Maybe you obtained a free credit report only to find that your mortgage lender came up with a completely different score. How can this be? This is because not all credit reporting [...]

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September 2018

Self-Employed Mortgage Access Act May Help Michigan Homebuyers with Nontraditional Incomes

By |2019-03-24T20:57:43+00:00September 20th, 2018|Loan Eligibility|

Fannie Mae and Freddie Mac, are actively seeking ways to better underwrite self-employed and "gig-economy" mortgage applicants. What is the Gig Economy? The gig economy consists of workers who are self-employed, small business owners or entrepreneurs that do not have the traditional income and W-2s [...]

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May 2018

Improving and Maintaining Your Credit Score for a Michigan Home Loan

By |2019-03-24T21:21:07+00:00May 2nd, 2018|Loan Eligibility|

The higher your credit score, the easier it will be to secure a personal, student, business loan or mortgage. The credit score required for you to qualify for a mortgage will vary depending on the loan program. For example, Michigan FHA loans (which are meant [...]

February 2018

How Can Negative Credit Impact your Eligibility For a Michigan Home Loan?

By |2019-03-24T21:48:30+00:00February 20th, 2018|Loan Eligibility|

Michigan Mortgage Lender Discusses Collections, Charge Offs and Profit & Loss Charge Off and Profit & Loss (P&L) A charge-off is where debt is no longer an asset to the creditor and instead is considered a business loss because that debt has been determined uncollectible. A [...]