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Office Location Carolina One Real Estate
1265 Folly Rd
Charleston, SC 29412
Phone: (843) 608-8378
Fax: (843) 746-4729

Mortgage and Lending

Mortgage and Lending news in the Charleston, SC Real Estate market, with financing topics.

There are currently 2 blog entries related to this category.

New Changes in FHA Financing Coming Soon...Good or Bad?

Thursday, August 19th, 2010 at 3:00pm. 99 Views, 0 Comments.

Well, it looks like there are going to be some changes in FHA financing coming down the pipe.  Take a look at this short video, and see how it will affect you and your final loan payment.  These changes will go into effect on September 7th, 2010.

**Not mentioned in this video is the fact that allowable seller concessions used to top out at 6%, where they are now going to top out at 3%.

Video courtesy RealPro Innovations.


What makes up a FICO credit score?

Wednesday, April 21st, 2010 at 10:28am. 170 Views, 0 Comments.

In the land of all credit scores, FICO is king.  The majority of banks in the USA use FICO scores for whether or not they are going to lend you money, and at what interest rate.

So how does FICO come up with this score?  I'll break it down for you, below:

FICO Score Breakdown

 

1.) Payment History.  Based on you payment history, making the repayment of past debt is the most important factor when calculating credit scores.

2.) Debt Amounts.  This is based upon your total outstanding debt.  Removing lines of credit is the best thing you can do when getting rid of debt amounts.  Another thing to consider is not maxing out your credit limit with credit cards.  Try to maintain a good balance, and pay it off frequently.

3.) Length of Credit History.  This is the length of time each…


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