Posts Tagged Credit score

Hey Utah! Check your Credit!

Transunion reports that 56 percent of Americans did not request the free annual credit report they are entitled to. The Big 3 credit bureaus, Transunion, Equifax and Experian recommend checking your credit every three months to verify that nothing you don’t know about that can affect your credit has happened. This can get expensive though since each bureau wants to charge for anything after the first credit report “pull” and of course they want to sell you credit monitoring services.

Here is my recommendation:

Pull a credit report free from just one of the bureaus every four months.

This way you can look at whats on your credit three times a year for free. You can pull your free reports from

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Employment requirements and FHA Loans

Logo of the Federal Housing Administration.

Image via Wikipedia

With the recently high unemployment rate one question I get asked quite often is: “Have I been at my job long enough to qualify for a mortgage loan?” So here is the rundown of FHA guidelines for employment history:

The borrower should have a consecutive two (2) year history of income with the same employer. However less than two years is acceptable if changes in employers are within the same field or industry. This is common with many Union employees who may work for several contractors in a year period.

The borrower must be able to document the reason for gaps in employment of longer than 30 days.

A newly employed borrower with less than a two year history of employment can provide documentation that they were attending school or a training program for the field of work they are presently employed in. Examples of such would be an person who just got a job as an engineer and just received their degree in engineering or a mechanic that just started working for a dealership and was in specialized training for their vocation prior to their employment.

Borrowers returning to the workforce after a leave of absence must be employed by the same employer prior to their leave.

Borrowers returning to the workforce after a leave of absence and working for a different employer or field of work must wait six (6) months before they are eligible for employment.

Review your situation with your loan officer if you have any question as to whether or not you’ll qualify.

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Transunion reports that U.S. consumers are a lower credit risk than two years ago

Tranunion has reported that U.S. consumers are a lower credit risk today tha two years ago. The Credit Risk Index (CRI) is now 3.13 percent lower than in 2009. Credit usage also dropped 5.4 percent as consumers relied on current credit limits or switched to using cash and debit cards.

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