Credit Scores
This is the minimum credit score for the MSHDA first time home buyer program.
What is 640?
Buyers should never deposit this right before they give you an earnest money deposit to the seller.
What is cash?
This program has Zero down and no mortgage insurance.
What is VA loan? at Flagstar Bank also a Professional loan and Destination home loan.
Appraisers count these in the homes total count if they are in the basement and have a egress window or walkout.
What are bedrooms and bathrooms?
(they do not count)
Credit Karma or other free online scores are real.
What is No. these scores use Creditwise or Vantage and are not FICO. They are not used for mortgage lending or auto financing.
Buyers can pull cash from their retirement account and usually avoid this if the purpose is to buy a primary residence.
What is the 10% penalty?
If a first time homebuyer doesn't need down payment assistance, MSHDA will give them this.
What is a way lower rate?
Contrary to the myth, these types of appraisals CAN require repairs for health, safety and structural soundness concerns.
What is FHA and VA loans?
This is the minimum score to purchase a home with most lenders?
What is 580?
This is the maximum percentage on Seller concessions (monetary help from seller) for a FHA loan.
What is 6%?
These are places where MSHDA has designated higher income limits and the buyer doesn't need to be a first time homebuyer.
What is a targeted area?
Paying off one of these types of negative accounts on your credit report can actually reduce your credit score in the short term.
What is a collection?
The simplest way to get your credit scores to go up.
What is paying off credit card debt to zero.
Income received from side jobs and businesses not reported on tax returns is considered this by lenders.
What is ineligible income?
Flagstar Bank will give primary home buyers this much for opening a new bank account with direct deposit.
What is $845?
A first time buyer is simply someone who hasn't owned a home in this many previous years.
What is 3?