Recently the FHA & banks raised the minimum credit score & mortgage insurance costs for home lending! The purpose of this is to lower their default rates by ensuring they lend to borrowers with higher credit scores, regardless of the fact that the new credit score requirements exclude about 25% of home borrowers. Mid range credit scores aren’t good enough anymore. It’s crucial for borrowers to do all they can to maximize their credit score to not only get approved, but get the best rates and terms available for a home loan. Higher credit scores equal better rates & terms, not to mention thousands of dollars in savings over the life of a home loan.
According to Jeremy “Judge” Honor, V.P of sales for MFI Credit Solutions, a nationwide credit reporting agency, “An individual’s credit score is made up of a complex algorithm and their own personal credit profile,” “On top of this, the credit scores that are used by lenders to approve mortgage loans, are different then the consumer credit scores which are used mostly for credit card approval, car loans, & ‘free annual credit reports’. Home lenders will not accept consumer credit reports for lending purposes.” Jeremy says. “While the scoring models are based on some of the same factors, the mortgage rating score does not correlate with the consumer rating score. This can create confusion for a borrower who thinks they have a high score in general, only to find out that their mortgage score is much lower than their consumer credit score, or vice a versa.”
What can be done to increase your credit scores so you qualify for home financing?
How many points will you get for taking specific actions to increase your credit score?
To end all the credit score increase confusion, MFI Credit Solutions a nationwide credit reporting agency offers an exclusive service called Credit Mapping™ which eliminates the guesswork for getting higher credit scores!
Credit Mapping™ provides home buyers & homeowners with a detailed, custom “credit map” that explains to them step by step in plain English or Spanish, what actions they need take in order to achieve their score goals, how long it will take them to reach their desired score, and most important how many potential score points they will gain by taking the specified actions!
The average increase is 35 points in a week, 70 points in 3-6 months, & 100 points in 6-12 months. Once a person has completed the required steps, a new report will be pulled to validate score increase.
Credit Mapping™ is the perfect tool for a potential home buyer, existing home owners, or people that filed for bankruptcy.
They can call MFI Credit Solutions & work with a trained Credit Mapping™ specialist to understand what actions they need to take in order to get their credit scores up before they start working with a mortgage broker, home lender, or real estate agent to ensure they will qualify for a home loan.
Credit Mapping™ is also the perfect tool for mortgage loan originators, home lenders, & real estate agents because you can “bring your dead deals back to life”!
Remember all those clients that didn’t qualify for financing because they had low credit scores? Now you can re-contact your previously declined clients to do a Credit Mapping™ so they will qualify!
The Credit Mapping™ service is billed directly to the home buyer / home owner so mortgage professionals don’t need to collect the investment fee.
Credit Mappings™ are an investment of only $119.00 per person!
Credit Mapping™ is not “credit repair”!
If the person doesn’t follow the instructions in their personal Credit Mapping™ then their scores won’t drastically increase.
MFI Credit Solutions will do nothing physical to increase a person’s credit score such as write letters to creditors or open disputes, etc. as most credit repair scams often do.
Home owners & Home buyers that want to order their own Credit Mapping™ call 855-MAP-CREDIT.
If you are a mortgage professional (originator / home lender / real estate agent) & want MFI Credit Solutions to do a Credit Mapping™ for your borrower then call 877-MFI-DATA.