We would love to hear from you!Send us a message and we’ll get right back in touch.
Credit Info
face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings. You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your size=2>credit scoreface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> as much as possible. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">The information below offers general guidelines as to what your credit score might be. Each lender sets its own guidelines for approving loans and issuing credit. For this reason, the information below offers only general guidelines. Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit. Some lenders require a debt-to-income ratio that may be higher or lower than those stated below. See bottom of this page to find out how to calculate your debt-to-income ratio. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">The information below is based on the size=2>FICO scoring modelface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> which ranges from about 375 to 900. Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows: face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">size=2>A ratingface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Credit score 660 or higher -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 700 means you have extremely good credit. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Typical debt- to- income ratioface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: Below 35% face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>Mortgage:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have not been late with a payment in the last 24 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Installment loanface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Revolving credit:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Additional requirements:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">B ratingface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Minimum credit score 620 You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Typical debt-to-income ratio:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Around 50% face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>Mortgageface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 2 or 3 times in the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Installment Loanface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 2 to 4 times during the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Revolving creditface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 0 to 2 times in the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Additional requirementsface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">C ratingface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Minimum credit score 580 Have trouble getting approved. Very high rates. face="Arial, Helvetica, adobe-helvetica, Arial Narrow">The lender might ask you to get someone to co-sign for you. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Typical debt-to-income ratioface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: 55% or higher face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>Mortgageface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 3 or 4 times in the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Installment Loanface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 4 to 6 times during the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Revolving creditface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 60 days late with a payment 2 to 4 times in the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Additional requirementsface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: If you filed bankruptcy, it was discharged 1 or 2 years ago face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">D ratingface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Minimum credit score 550 Serious trouble getting approved. Co-signor required. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Typical debt-to-income ratioface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: Around 60% face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>Mortgageface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Installment Loan:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have a few 90 and 120 day late payments during the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Revolving credit:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have a few 90 and 120 day late payments during the last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Additional requirementsface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: If you filed bankruptcy, was discharged within last 12 months face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">E ratingface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Credit score under 550 Unlikely to be approved. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Typical debt-to-income ratio:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> Around 65% face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>Mortgage:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have a pattern of 20, 60, 90 and/or 120 day late payments face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Installment Loan:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have a pattern of 20, 60, 90 and/or 120 day late payments face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Revolving credit:face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> You have a pattern of 20, 60, 90 and/or 120 day late payments face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Additional requirementsface="Arial, Helvetica, adobe-helvetica, Arial Narrow">: You may have a current bankruptcy or foreclosure |
style="LEFT: 158px; WIDTH: 1px; POSITION: absolute; TOP: 95px; HEIGHT: 775px">![]()
height=775
src="http://www.homestead.com//site/Scripts_Shapes/shapes.dllCMD=GetRectangleGif&r=153&g=153&b=153"
width=1 border=0>
src="http://www.homestead.com//site/Scripts_Shapes/shapes.dllCMD=GetRectangleGif&r=153&g=153&b=153"
width=1 border=0>
style="LEFT: 169px; WIDTH: 501px; POSITION: absolute; TOP: 1426px; HEIGHT: 353px">
face="Arial, Helvetica, adobe-helvetica, Arial Narrow">How to Calculate Your Debt-to-Income Ratio face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc. Doface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> notface="Arial, Helvetica, adobe-helvetica, Arial Narrow"> include grocery, telephone, and utility bills or any debt that will be paid off in the next few months. face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Sample calculation: face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Gross monthly household income: face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>$5,000 face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Fixed expenses: face="Arial, Helvetica, adobe-helvetica, Arial Narrow">$1,560 face="Arial, Helvetica, adobe-helvetica, Arial Narrow">house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00 face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow">Debt-to-income ratio calculation: face="Arial, Helvetica, adobe-helvetica, Arial Narrow"> face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>$1,560 face="Arial, Helvetica, adobe-helvetica, Arial Narrow">$5,000 = face="Arial, Helvetica, adobe-helvetica, Arial Narrow" size=2>31%
2 of 14
 Please fill the form below to download PDF file.
|
