What makes up my credit score?
Credit scores or "FICO scores" indicate risk. The higher the score, the lower the indicated risk; although no score says whether the individual will be a "good" or "bad" customer. Each lender has its own strategy for making lending decisions depending on the product, but many lenders use credit scores to help them make this decision. A credit score is only one variable used in underwriting a loan application.



For more information about how credit scores are determined, take a look at our credit breakdown page.


Customized Mortgage Programs
With more finance programs than a typical broker, MVP Mortgage is able to help more people finance, or refinance at the right price.

We offer conventional and FHA mortgages. As well as special programs for first time buyers.



What is FHA?

The FHA was created to provide home financing through the insurance of mortgages. They set the guidelines to which all FHA loans must follow.

The FHA may not require a large percentage for the down payment; therefore their products are quite popular for first time home buyers or borrowers who have little money to put down. FHA loans are also found to be popular for borrowers who do not have excellent credit.

FHA loans are available for both purchase and refinance transactions and come in a variety of products – Fixed Rate or ARM.

What is a Conventional Loan?
Conventional loans are loans that are not insured or guaranteed by the government. They are made at the risk of the lender which allows more flexibility in loan amount, documentation requirements and loan types available. The most common types of conventional loans are Fixed Rate, Adjustable Rate Mortgages (ARM), Balloon Loans and Interest Only Loans.

Guidelines for conventional loans are primarily set by the Federal National Home Mortgage Corporation (FNMA – Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC – Freddie Mac) with some investors allowing exceptions to those guidelines on loans they will keep in their own portfolio.