Maryland First Time Home Buyers

Contact Us
10 Steps to Home Ownership | Mortgage Checklist | Needs and Wants | Buyer's Agents
Rent vs. Own Calculator | Benefits of Home Ownership
New to the Area | Public Schools | Private Schools | Transportation | Local Media | Crime Statistics
Lender FAQs | Glossary | Ask a Question
Home Buying FAQs | Glossary | Ask a Question

Ask a Lender Maryland State Flag

Kelly Goodwin, Loan Officer

Your Mortgage Questions Answered

We hope that you have found our website helpful. If you cannot find the information you need in our FAQs or Glossary, please feel free to contact us by using the form below. A lender will be in touch with you within 24 hours for discussion.

Preferred method of contact:
Please write your question here:

Featured Loan Product Each month we highlight a specific loan product that specifically meets the needs of first time home buyers. See this month's featured loan product.

Want to buy, but short on cash?While a larger down payment is typically associated with lower interest rates, you do not need an extensive savings account to buy a home. These days, you can find loan programs that allow for gift funds, increased seller help, or require little-to-no down payment at all. Some programs will even cover your closing costs! Ask an Agent about how to structure your offer to include seller help, or Ask a Lender for more information on these programs and others.

Why Does My Credit Score Matter? There are hundreds of loan programs out there, each with different features and requirements. No two programs are exactly the same, but when it comes to determining your qualifications, they all have one thing in common: your credit score.

Credit scoring is a statistical means of assessing how likely a borrower is to pay back a loan. It is not a measure of the borrower’s income, assets or any other non-credit factor. The credit scores measure the risk a potential borrower represents to the lender. A credit score is given on a numerical basis with a range of 375 to 900 points.

The three national credit reporting agencies: Equifax, Trans Union and Experian all issue credit scores. The three agencies use complex mathematical statistics to determine and forecast a borrower’s credit pattern.

The credit score factors that determine the final number are payment history, outstanding debt, credit history, pursuit of new credit and types of credit that are in use.

Payment History - Severity, how recent and frequency of late payments, as well as collection accounts, judgments, bankruptcies and foreclosures play a very important role in a credit score.

Outstanding Debt - The number and averages of balances of all credit accounts. The relationship between total balances and total credit limits on revolving accounts.

Credit History - The age of the oldest credit account. The number of new credit accounts.

Pursuit of New Credit - The number of inquiries made on the borrower’s credit history. Also, the number of new accounts opened and the amount of time since the most recent inquiry into the borrower’s credit.

Types of Credit in Use - Number of accounts reported for each type: Bankcard, travel and entertainment, department store cards, installment loans, etc.

These are the main items, in order of severity, that will affect your credit score. A borrower should always be concerned about the amount of credit they have, as well as the number of companies checking into their credit. Specific credit questions should be directed to your mortgage lender.

Who is the Featured Lender? There are many great lenders who are really looking out for the buyer. If you would like our list of featured lenders, click here. These are lenders who have done a great job for our clients and who are available to answer your questions.


 

 

Equal Housing Opportunity| Site Map | Contact Us | ©2012 MdFirstTimeHomeBuyer.com