It is an irony that at a time when home prices have fallen so dramatically in Florida, and interest rates are still very attractive, that the process of getting approved for a loan has become so much stricter. Whereas before the Housing Crash, a missed mortgage payment would have hurt one's mortgage approval chances, today a missed mortgage payment is almost always fatal to one's chances of getting a loan approval.
It is important for a mortgage applicant to do what they can to raise their credit score, as well as clearly documenting where there down payment funds come from.
Even if you are current on your credit card payments, you can still raise your score by paying down high credit balances (try and get the balance to under one-third of the credit limit), and if you have more than three or four cards, think of closing a credit card that you seldom use, but NOT your older credit cards, keep those open.
More later.
Steven Ellenbogen
954 330-9257
Hamilton Group Funding
http://www.honestloanadvice.com/ (under construction)
