Why mortgage deals sometimes blow up
By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I had somebody come in my office and get pre-approved for a mortgage. They were going to have to go FHA because all they had was a authorized user account visa credit card and 5 collections on their credit report. They had no established credit. That is what is great about FHA Loans you need no tradelines on your credit report is you have 3 or 4 alternative trade lines. What FHA means by alternative trade lines is a history of paying an account for one year on time. Some of the accounts that can be used are:Utility accounts. Phone Bills, Gas Bills, Water bills, Electric billsCar Insurance or renters insuranceRent payment if paid by cancelled checkCell Phone BillsAny bill that you pay monthly or at least quarterly. This guy was a mechanic. So he had rental payments, two utility p...
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