MLB Credit Solutions

The FHA minimum Credit Score has now risen to at least 680 Fico and as high as 760 for some lenders!

Attention Home Owners:

Due to the COVID-19 pandemic, Americans face the choice, to pay their mortgage payment, or put food on the table.

Special implications in the CARES act have amended the FCRA to place a disaster code on credit reports. However, unless communicated through your lender, that AW code will not be put on people's credit file. This will run the risk of home owners becoming delinquent on their mortgages even if there is a financial hardship.

Home owners may elect to deffer payments or forbearance with their lender; however; like we saw in 2008, loan transfers will occur from borrowers not being able to pay their mortgages. This can cause a huge problem on home owner's Credit Report as millions of data could be potentially lost between transfers. Resulting in borrowers being delinquent with a new lender when they were in forbearance with the original lender.

Contact your lender to negotiate deferment, forbearance, or ask for assistance so your Credit Score does not suffer!

With a lot of people possibly out of work during these times, it has never been more important to have a good credit score! Getting access to more credit with a low interest rate will give you a cushion during this pandemic to be able to pay your bills.
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If you need to speak to a professional about how to ensure good credit in this pandemic situation book an appointment today.
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Start today with a free consultation!
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