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03-06-12 The ULTIMATE MORTGAGE Update 6 Final plus conditional acceptance .mp4

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4 Reasons Even People With Excellent Credit Get Rejected

When talking myths and legends, it’s easy to lump a perfect credit score in with the likes of unicorns, Atlantis and the Fountain of Youth. But in actuality, over 20 percent of the U.S. population has reached the “exceptional” score rating of 800 and up, according to Fair Isaac Corporation, the company behind the FICO credit score. And although a top credit score should net you some of the best interest rates for credit cards, insurance, mortgages and loans, it also doesn’t necessarily guarantee you’ll be accepted when you apply for credit. Here are some of the top reasons why someone with an excellent score might be turned away — and how to turn things around in those cases.

1. Income vs. Debt

Credit scores don’t factor in your income, but lenders do. They look at how much an applicant makes per year, as well as how much debt they have to their name. And they look at the combination of the two — how much debt someone is carrying vs. how much they're making. There are also minimum salary requirements and/or maximum total debt requirements for certain kinds of credit, and if an applicant doesn’t meet them, a rejection could be in store.

Reverse Mortgage Changes Bring Rate Competition, Program Stability

Glen Smart of NOVA Home Loans in Tucson, Ariz. says he intends to focus on the HECM for Purchase to drum up revenue as the industry adjusts. Last month, HUD announced that it would no longer require a certificate of occupancy prior to application on an H4P, a move that many have spent years lobbying for.

“They’ve taken away the handcuffs and made it a lot easier,” Smart says. “You’re going to have more acceptance among builders and Realtors now, and we’re excited about that.”

Interest rate competition

Under the new rules, many say they expect to see lenders compete on interest rate.

“I think the pressure to get more available funds is going to force interest rate competition like we’ve never seen to minimize the principal limit impact,” Tennant says. “Time will tell, but the new competition is going to be how low can you get your interest rate margin to maximize principal limit.”

Smart agrees.

What are the competitors of American Mortgage Acceptance (AMEX:AMC) that are doing better than AMC?

AMC is a REIT on the AMEX. They seem to be doing "AMC underperformed the Sector by 70% and the Real Estate Operations industry by 52%" as quoted by Scottrade. I'm looking for an REIT that performs well.

the sector has really been beaten up, including AMC, with most of the comps down 40-90%. several comps with positive returns year to date include NLY, MFA, CMO, DX and VRTA.