Financing in Montgomery>Question Details

Pricenikkig, Home Buyer in Montgomery, AL

which mortgage brokers or lenders in montgomery,al offer rapid rescoring? what is the minimum credit score for a home loan?

Asked by Pricenikkig, Montgomery, AL Thu Jul 19, 2012

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3
Rodney Mason’s answer
Rapid rescoring can only be done when certain criteria has been met. You must have a letter from the creditor stating the resolution (i.e. showing account is not yours, showing a late payment was reported in error, etc). Simply paying off a collection account will not immediately increase your FICO.

For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. HUD does require that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Jul 25, 2012
Hometown Lenders offers rapid re-scoring. Minimum credit score is 600. Call for more information. Phone (334)647-1900
0 votes Thank Flag Link Wed Feb 12, 2014
What is it you want to rescore? Rescoring only works if there are legitimate changes to your credit report that you need done in a short space of time. For example, if you pay down or payoff credit cards or have a legitimately inaccurate item removed and want that to be reflected without waiting, a rescore may be helpful. Rescoring is expensive and does nothing that time would not do. You only need to use this if you need something done now. Any changes you make to your report will eventually report; the rescore just does it sooner.
0 votes Thank Flag Link Thu Jul 19, 2012
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