Post–mortgage meltdown, HUD has stepped up its game with its new Office of Housing Counseling. We talked to a HUD higher-up about why that’s great for you.Full Article
Forget that perfect credit score. No one has one
It’s National Homeownership Month, and you might be fretting over your credit score. Well don’t fret too much. Lenders aren’t looking for perfection.
That’s straight from Kathy Cummings, senior vice president of homeownership solutions and education executive at Bank of America. We talked to her a while back (about student loan debt), and we thought this month was a good time to remind everyone that while you can't have poor credit, lenders don’t expect super-high scores.
First, perfection is almost impossible to achieve. Second, lenders know that your credit score doesn't tell the whole story. “When a lender evaluates you and your credit profile,” says Cummings, “they're going to look at everything.” That means not only your FICO score (the most commonly used score; it ranges from 300 to 850), but also income, earning potential, evidence of good management, and so on.