We all know the mortgage industry, and the requirements to qualify have tightened. The two big areas that affect a majority of the population are credit scores and down payment requirements. In the last 18-24 months, guidelines now require the borrower to have a little better credit score to qualify for the same type of loan program. Also, the required credit score to be granted maximum financing has increased…..most loan programs used to require a 580 credit score and now most loan programs require 620. In addition, mortgage programs do not allow the borrower to ignore as many open collections/charge offs. So the need for credit repair services have skyrocketed to the point where new companies are popping up and advertisements are everywhere. When considering a credit repair company, make sure you are not employing the services of a Consumer Credit Counseling Service (CCCS) that negotiates lower rate/payments as lenders view this as the equivalent of a bankruptcy. Think about this, a bankruptcy court provides relief by forcing creditors to accept a lower payment and a CCCS negotiates a lower payment for you. Both of these are the result of financial irresponsibility and taking on more debt than you can handle….which is not what you want a potential lender to think of you.
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