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Examining Your Credit History
As indicated earlier, your credit report and history are key to obtaining your home loan. We encourage you to view your credit report yourself, prior to the lender's viewing of it, by contacting one or all three of the major credit reporting companies: Equifax, Experian, and TransUnion. All you have to do is call and request it. Once you receive it, check the "high credit limit," "total loan," and "past due" columns. It is a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, are usually charged to issue credit reports.
Credit reporting companies:
 You can also get a copy of your credit history at the following online locations:
 What if I find a mistake in my credit history?You can correct simple mistakes by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders usually understand about legitimate problems.
What about my overall (or FICO) score? What does it mean?

Prior to the late 1990s, credit scoring had little to do with mortgage lending. When reviewing your credit worthiness, an underwriter would make a subjective decision based on past payment history. Then things changed.
Lenders studied the relationship between credit scores and mortgage delinquencies and found a definite relationship. Almost half of those borrowers with FICO scores below 550 became ninety days delinquent at least once during their mortgage. On the other hand, only two out of every 10,000 borrowers with FICO scores above eight hundred became delinquent.
When can I stretch the percentages?Depending on your area's housing market, lenders sometimes will allow you to stretch their allowable debt ratios. One of the best ways to encourage your lender to do so is to increase your down payment, as indicated in the following chart:
Allowable Monthly Housing Expense
Underwriters sometimes also will stretch the ratios for other "compensating factors," including:
        Strong cash reserves after close of escrow
        A new payment that's only slightly higher than current rent or mortgage payment
        A history of increasing earning capabilities
        A history of an ability to save money
        A large cash down payment

For Buyers
        Finding a Good Agent
        Benefits of a Buyer's Agent
        Preparing To Buy a Home
        Getting Prepared To Buy A Home
        First Time Buyers
        Renting vs. Owning
        How Much Do I Need
        How Much Can I Afford?
        Income vs. Debt Ratios
        Understanding Your Credit Score
      Examining Your Credit History
        Getting Pre-Approved
        Finding A Property
        Are You Ready To Find A Property?
        Visiting Open Homes
        Using A Property Checklist
        Other Considerations
        Making an Offer
        Establishing an Agreement
        The Agreement of Sale
        What You Need To Know
        Negotiating
        How Much Should I Offer?
        Closing The Deal
        Your Responsibilities
        Property Information
        The Loan Process
        Closing Costs
        Who Pays For What?

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Pro Realty Inc. (814) 825-7761
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