Americana Mortgage Group Home | About Us | Contact Us
need help?

(888)-262-6685

Custom Loan Quote
First Name
Last Name
Email
Phone
Loan Amount
MMG Report
In The News...
The housing sector received positive news today signaling that the recovery may be back on track after stalling in the second half of last year. The Commerce Department reported that July Housing Starts surged by nearly 17% from June to an annual rate of...
Blemished Credit


Blemished Credit

Home ownership is possible, even with a flawed credit history. While one lender may look at your credit and decline you for a mortgage, another may have no reservations in approving you for the money you'll need to purchase a home.

Your Americana Mortgage Group Loan Specialist can advise you on the mortgage programs available that may best match your current credit situation-from local, regional & national reputable financial institutions we regularly do business with.

If you believe your credit is less than perfect, take these steps to determine where you currently stand, and how to boost your chances of getting a home loan by improving your credit rating:

First, get a copy of your credit report from each of the big three credit bureaus (since different banks report their information to different agencies:

Experian  1-888-397-3742 
TransUnion  1-800-916-8800 
Equifax  1-800-685-1111

Your credit report lists:
        Every credit account you've ever had (credit card or loan) 
        Every payment you've ever made and when (including past due payments) 
        Accounts sent to a collection agency 
        Bankruptcies, liens and judgments

Note: credit bureaus do not track checking, savings or brokerage accounts.

Be sure all of the information is accurate. If you spot an error in reporting, call or write the credit agency and inform them immediately. 
The single most important thing you can do to achieve and maintain excellent credit is to pay your bills on time. If you can't pay in full, pay the minimum. It's never too late to improve your credit rating. If you're behind on bills, start paying them on time. Lenders will look favorably on improving payment patterns.

Be upfront with your mortgage broker or lender-your credit score may be sub-par because of past uncontrollable events (e.g. unemployment, reduced income, death in the family, medical expenses, separation/divorce, expensive repairs) that are no longer relevant.

If you have more than five or six credit cards, close those accounts. Simply having too many credit cards can hurt your credit score.

One or two missed payments will not destroy your credit. However, if you have missed several payments, don't assume you can hide from unpaid bills-even if you move. Your credit report tells this story, so be prepared to pay a higher mortgage rate to compensate the lender for the increased risk.

What a Lender Looks At From a Prospective Homebuyer:

A lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses.

Monthly mortgage payments should be no more than 33% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 44% of income.

A lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

  Americana Mortgage Group
NMLS# 22338
1615 Northern Boulevard, Suite 404
Manhasset, NY 11030
Phone (888) 262-6685
Fax (516) 627-0229

State Licensing Information|Privacy|Legal|Patriot Act
Equal Housing Opportunity


All content 1999- MorSystems™ All rights reserved.
Account login
 
Americana Mortgage Group - Site Map

Homebuying Center
Mortgage and lending information for purchase and home buying loans.
Refinance Center
Mortgage and lending information for refinance loans.
Home Equity Center
Mortgage and lending information for home equity loans.
Learning Center
Mortgage, lending, and credit information.
Less Than Perfect Credit
Learn how credit scoring works and how you can improve your credit score.
Financial Calculators
Financial, mortgage and lending calculators.
Commercial Loans
Commercial loans programs and information.
Construction Loans
Commercial loans programs and information.
Interest Only Loans
Interest only loan programs and information.
Relocation Loans
Relocation loan programs and information.
About Americana Mortgage Group
-
Mortgage Options & Programs
-
In The News!
-
Loan Agents
The best loan agents.
Staff
Our Staff Members.
Realtors
Our favorite real estate agents.
Cities we serve
New York, New Jersey, Connecticut, Florida
456 | 49

Mortgage web site design powered by MorSystems. Get your own mortgage website at MorSystems.com. Free trials for all mortgage websites.