First time home buyers credit divorce and your credit

1 out of every 2 marriages ends in divorce today and unfortunately many first time home buyers see their chances of homeownership go up in smoke because they weren’t aware of the ramifications that divorce might have on their credit scores.
Today most divorces are handled in an almost boiler plate style and based on the settlement agreements we’ve seen, very little consideration was given to how the division of credit obligations would affect our client’s future credit and their ability to buy their first home.
This is the first in a series of posts to help those of you facing divorce handle your credit in such a way that once the dust settles you’ll still be in the market as a first time home buyer..
While a divorce is easy enough to obtain and can be done in a fairly short period of time, the financial and credit issues emanating from the dissolution can linger for years to follow. Confusion or disagreement about who is to pay what bills and who is using specific credit cards can wreak havoc on your credit score. Late pays, no pays and insufficient funds can quickly cause the very best credit scores to plummet--it doesn't have to be that way. By proactively taking just a few simple steps, individuals who are starting over can ensure that they are doing everything possible to start over with their good credit intact.
Following is an example of a proactive action plan that will help you protect your credit during and after a divorce.
STEP 1: GETTING A CLEAR PICTURE
• Get copies of your credit reports:
Request copies of your credit report from each of the 3 major credit bureaus, Equifax, Experian and Trans Union so you will have full disclosure of your situation.
• Get all of your information into one place:
Make a list of all OPEN accounts and accounts with balances. Then create a spreadsheet with columns for the following information:
? Creditor Name
? Creditor Contact Number (if it's not listed on the credit report, you can find the customer service number on the back of your statement, or you can always search for it on the internet. Where there's a will, there's a way.)
? Account Number (sometimes credit reports do not list the full account number, so you may have to dig up some paperwork, but it will be well worth it.)
? Type of Account (i.e. auto loan, mortgage, credit card)
? Current status of the account (i.e. current, past due, collection, etc.)
? Total amount due
? Monthly Payment Amount
? Vesting of Account (i.e. Joint/Individual/Authorized Signer)

Thanks to Linda Ferarri, President of CRC, for this great information.

If you would like a free credit repair consultation Click Here

For more information on how to strategically manage your credit so you can get the best interest rate on your first time home buyer loan, Click Here

5 Tips to improving your credit score fast

Step Two for Murrieta First Time Home Buyers

If you’re a first time home buyer or are thinking that 2012 is the year you would like to become a first time home buyer then it’s important to get on the path to homeownership in such a way that you will achieve your goal with a minimal amount of angst (an intense feeling of apprehension, anxiety).

In a previous post, we talked about making the commitment to becoming a first time home buyer.
This is the most important financial decision you will likely make, so it should be treated as such.

Once you’ve made the commitment, step two on the path to homeownership is to keep your expectations realistic.

You may not be old enough to remember the “Wish Book” (ask your parents or older brothers and sisters) that was published each year by Sears. In many ways it was the unofficial start of the Christmas season. When it arrived in the mail we knew it was time to start making our Christmas lists.

Fast forward to today and property searches on the internet are the new “Wish Book” for first time home buyers. You have virtual access to almost every home in the United States that’s listed for sale and therein lies the problem.

When we looked at the “Wish Book” our parent’s budget was never a consideration. We wanted what we wanted and it was up to Santa to figure it out.
When it comes to your first time home “Wish Book”, it’s your budget that will determine what your first home will look like. With the thousands of foreclosed homes on the market selling for less than half of what they did just a few years ago, it’s easy to get caught up in the “bargain hunting” and to forget you still have to have a way to pay for it.

So, even though that 3000 square foot home on half an acre with a pool and spa may be your “dream home”, if it’s not in your budget today it’s not a realistic expectation and should remain just that, “your dream home”.
There are hundreds of homes available today that can be your first step to your dream home, but to get there you have to set realistic expectations and dog ear or circle (that’s Wish Book speak for bookmark) those homes you can pay for.

For help in determining your “Wish Book” budget, Click Here

First time home buyers credit the best kept secrets to managing your credit score

If you're a first time home buyer or would like to become one, then having credit that is good enough to qualify for a first time home buyer program is essential.

Many first time home buyers think they are at the mercy of the credit bureaus and there's nothing that can be done to improve their scores. Unfortunately, too many first time home buyers listen to friends or family members and as a result their credit scores actually suffer.
Credit scores are like any other financial strategy. You get the best results when you understand your first time home buyer credit and how to effectively manage it. In this video, Linda Ferrari shares some of the best kept secrets on strategically managing your credit score.


For more information on how to better manage your credit, contact us and we'll arrange a complimentary credit analysis with a credit repair professional.

Other videos in the series:

Setting your goal

Don't be afraid of the monster under the bed

Setting your action plan

Know your options

To Dispute or not to Dispute

Make sure you have the right mix

Temecula first time home buyers can have the best REO deals come to them

First time home buyers who have decided that 2012 is the year they will quit paying their landlord's mortgage and start reaping the benefits of homeownership have a new tool that will bring the best REO deals right to them.

First time home buyers know that searching for homes "just like real estate agents" can be a tedious task and when your time is at a premium, having a tool that will bring the best deals right your desktop can make your home search process a lot simpler.

Fannie Mae is the owner of about 70% of all the REOs nationwide and if you saw our previous post about the steps Fannie Mae is taking to make them the "best deals" on the market, then using the new search tool will deliver those deals right to you.

Before you sign up for the alerts, watch this video that explains why Fannie Mae REOs may be the answer to your home search questions.



To sign up go to the Fannie Mae HomePath page and enter the zip code where you want your first home to be.
Then just enter your name and email address and you're set. (It's a double opt in, so you will be getting a confirmation email)
Fannie Mae homes also have some very attractive financing options for first time home buyers including 100% financing (selected areas), 1% down payments and 3% down payments with HomePath loans. From time to time Fannie Mae offers special incentives to first time home buyers in the form of closing cost assistance. For more information click here

For help to find the right financing for you, click here.
If you aren't currently working with a real estate agent, click here and we'll hook you up with one who knows how to help first time home buyers get a Fannie Mae REO.

First time home buyers credit getting the right mix

Many first time home buyers are under the impression that "all credit is created equal".

The reality is that having the right mix of credit can dramatically improve your credit scores and that will get you the best rate and terms for your first time home buyer loan.


Watch this video to learn more about first time home buyers can increase their credit score by having the right mix.



For more information Contact Us, or if you would like a referral to a credit repair specialist who can help you do things the right way, Click Here

Other videos in the series:

• Setting your goal

• Don't be afraid of the monster under the bed

• Setting your action plan

• Know your options

• To Dispute or not to Dispute

Renters pay more each month than homeowners

But WHY?

Renters now spend five percent more of their household budgets on housing costs than do homeowners, and the difference is growing as rents rise.

Since 2005, homeowners’ expenditures for housing have risen from 31.9 percent of their household budget to 33.2 percent, but renters’ costs have risen even more from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.

Since 1985, homeowners have increased their housing expenditure allocation by 12 percent, while renters increased by 22 percent.

For a first time home buyer to buy in this market it will take a very compelling reason(s) to take that big step. 

Read the complete article

How first time home buyers can avoid real estate scams

The state of the current real estate market has brought out a number of real estate scams that have targeted first time home buyers and renters.
First time home buyers are especially susceptible to scams, because they've never been through the process and it makes it easy for scam artists to separate them from their hard earned money.
Here are some tips from the Better Business Bureau on how to avoid scams.

• The email addresses they use usually are from yahoo, ymail, rocketmail, fastermail, live, hotmail and gmail, 
• They also post ads under anonymous craigslist addresses. 
• They frequently change their aliases.

Read the complete article

First time home buyers credit to dispute or not to dispute?

That is the question, and for first time home buyers the answer is not always what you think.
First time home buyers have the legal right to dispute any inaccurate information on their credit report, but as this video shows there's a right way and a wrong way.
Here are 10 important things for you to know when it comes to disputing items on your credit report

If you have items to dispute, it's crucial that you NOT do it while you are in the process of your first time home buyer loan. It can result in an approval turning into a denial because of those disputes.

For more information Contact Us, or if you would like a referral to a credit repair specialist who can help you do things the right way, Click Here

Other videos in the series:
Setting your credit score goal
Don't be afraid of the monster under the bed
Setting your action plan
Know your options

First time home buyers saving money each month on new homes in Murrieta

If you’re a first time home buyer in Murrieta and are tired of the whole REO/short sale nightmare, then a new “built to order” home at Fox Hollow may be the answer.

If you’ve made hundreds of offers (only seems like that many) and you’re still making your landlord’s mortgage payment, then you might want to take a look at a new home, and in particular the new homes in Murrieta at the KB Home community of Fox Hollow @ Crowne Valley.

I know the sales prices are higher than a foreclosed home but when you factor in the overall value, these new homes in Murrieta might be the right first time home for you and your family.

 

KB Home recently announced that solar is now standard at Fox Hollow.

 

What this means to you is savings of up to 80% on your utility bills.

Read the complete acrticle

First Time Home Buyers Credit know your options

If you're a first time home buyer who has made the commitment to improve your credit score, then this video will give you a good idea of the task before you.
I'm a big fan of doing things yourself - IF YOU CAN! but unless you're ready to tackle the dealings with creditors and credit bureaus, you might want to consider hiring a professional to help.



Click here if you would like a referral to a credit professional who will give you a FREE consultation and help you with a plan to achieve your goal of homeownership
Other videos in this series

• Setting your score goal

• Don't be afraid of the monster under the bed

• Making your action plan

First time home buyers creating an action plan

Buying your first home requires acommitment to do what's necessary to quit putting money in your landlord's pocket and putting more of it in yours.

Making sure your first time home buyer credit requires an equal commitment.

Fact: The better your credit the less your first time home buyer loan will cost, which could save you thousands of dollars over the life of the loan.

This video will show you how to create an action plan that will get your credit scores to a level that will take the stress out of qualifying for your first time home buyer loan.

Watch Video

If putting together an action plan is more than you want to tackle, then contact us and we'll get you a FREE consultation with a credit repair professional, who can help you get on the path to homeownership.

To contact a first time home buyer specialist - Click Here

Other videos in this series:

Setting you score goal

Fighting the monster under the bed

First time home buyers credit don't be afraid of the monster under the bed

Having a complete picture of your credit is crucial BEFORE you apply for your first time home buyer loan.

Unfortunately, many first time home buyers like you are afraid of what they might find. Like the "monster under the bed" we worried about as kids, the results usually aren't any where near what our imagination has concocted.

This video explains how to get "a complete picture of your credit report" and avoid those sites that promise (for a fee!) a lot more than they deliver.



Other videos in this series:

Setting your score goal

Temecula First time home buyers credit Setting your score goal

Setting a score goal is the first step in your plan to get your credit score to an "acceptable" level for not just your first time home buyer loan, but for the financial freedom having a strong credit score brings.

"Acceptable" is determined by the first time home buyer loan/down payment assistance program you and your family will be using. There isn't a hard and fast number that applies to all programs (in fact some don't have a minimum score) but you should shoot for a minimum of 640.

Check out this video from Linda Ferrari, a national credit score expert. It's Step 1 on the path to a better credit score and then to homeownership.


Click here for more information on first time home buyer credit

5 Strategies for San Diego first time home buyers to raise their credit scores fast

First time home buyers can expect to have their credit and credit score scrutinized even more as lenders try to make sure you’re a good credit risk.
Time spent wisely now will make your path to homeownership a lot less bumpy.

Would you try to fix your car for a long vacation while you were on the freeway going 80 miles per hour? 
Then don’t wait until you’re housing hunting to start.

Here are some great strategies you can utilize right away to give your score a little boost.


Read the complete article

Are Temecula first time home buyers bringing a knife to a gunfight?

First time home buyers in today’s real estate market are facing challenges unlike any other past housing market and if you’re going to buy your first home you need to be equipped with the right “weapons”.
 

Apologies to Sean Connery in The Untouchables but if you’re not represented by the best possible Realtor and Lender, you could very well be bringing a “knife to a gunfight”.

If you’re a first time home buyer in Temecula, Murrieta, North County San Diego or any market where foreclosures dominate you will be in a “business negotiation” with a bank and their representative (the listing agent) and to the bank this is not a real estate transaction but a debt settlement and they’re only interested in one thing: protecting their interest.

 

Read the complete article

First time home buyers you have to have a plan

Having perfect credit is not a requirement for first time home buyers to take advantage of the many down payment assistance and first time hone buyer programs available, BUT having “good enough” credit is.

“Good enough” credit is not just about the score (but if you absolutely have to have a number you should target at least 640). Your credit and credit score are how a first time home loan lender evaluates your willingness to pay them back and the better your score the better your perceived credit risk.

If your credit score is not at that level, the hard part is figuring out how to get there.

Read the complete article

San Diego First time home buyers get help from Congress

 

November 16, 2011 - Breaking NewsFinally some good news for first time home buyers in higher cost areas like San Diego

Congress reached a bipartisan agreement that would increase the maximum dollar amount of mortgage loans that can be insured by the Federal Housing Administration (FHA) back to $729,750 after dropping the cap to $625,500 automatically after a temporary increase was issued for all loans insured by the FHA (and all government-sponsored enterprises). The restored higher limit will remain in place through 2013.

“Higher FHA loan limits are critical to supporting current housing prices and our overall economic recovery, and it doesn’t cost the federal government a dime,” said Representative Brad Sherman (D-CA). “This is the single most important provision in the minibus [appropriations] bill to prevent a collapse of housing prices in high-cost areas like Los Angeles and San Diego.

This still has to pass both houses of Congress and get the President's signature but help for the struggling housing market has a lot of support (especially with elections around the corner), so it would be a huge surprise if it isn't passed quickly.

The higher limits coupled with the down payment assistance programs available to first time home buyers in San Diego make is a great time to follow the "smart money"

Click here for more information about first time home buyer financing in San Diego.

Are you buying your first home in Fantasyland?

First time home buyers have always had two choices when it comes to their housing wants and needs.

If it matches their lifestyle, they can continue to rent, pay their landlord’s mortgage and not be encumbered with the responsibilities of homeownership.

On the other hand, if having something that belongs to them and their family and allows them to pay less to Uncle Sam each year is more appealing, then making the move to first time home owner is the right choice for their family.

Read the complete article

Down payment assistance for Riverside first time home buyers

 

First time home buyers face a number of challenges in their quest to make that big move from renter to first time home owner.

More than 70% of Americans say that owning a home is still a good investment and the tax benefits make it a better choice than renting.

One of those challenges doesn’t have to be lack of down payment and to help first time home buyers the City of Riverside recently announced their first time home buyer/down payment assistance program for homes within the City limits of Riverside.

The City of Riverside down payment assistance program specifically targets “low income families”, those with income at 80% AMI (adjust median income) based on family size.

To qualify:

• You must be a first time home buyer (or not owned a home in the last 3 years)
• You must be a US Citizen or Qualified Alien (contact us for details)
• Attend a HUD approved 8 hour homebuyer education class
• Meet the credit and income criteria for FHA
• Be pre-approved for down payment assistance before you make an offer on a property
• Be purchasing a bank owned (REO), short sale or City of Riverside RDA and Housing Authority owned home

If you qualify you may be eligible for up to 25% for down payment and closing cost assistance up to a maximum of $50,000.

For more details on the City of Riverside first time home buyer down payment assistance program, contact us, funds ARE limited and allocated on a first come first reserved basis

Shopping smart for first time home buyer loans in Temecula

Shopping smart

First time home buyers in today's market have a great opportunity, home prices are affordable and interest rates are the lowest in 50 years.But how can you know you'll get the best rate for you?
Here are some tips for smart shopping for first time home buyer loans.
But first a reality check:

1. There are some very low interest rates being advertised but the TRUTH is that unless the lender knows 6 key items, those adds are only loss leaders.

Read the complete article

The first step for first time home buyers

Taking the first step

“I want to buy my first home, how do I get started?”
Without a doubt that is the number one question we’re asked at first time home buyers network.com


If you can make a rent payment each month, then you can make a mortgage payment each month. It’s just writing a check or making an electronic transfer but it takes a conscious decision on your part to do what’s necessary to make it happen.

The FIRST STEP in buying your first home is to make the commitment to home ownership.

Read the complete article

Government bails out first time home buyers

First the automakers got the money. Next it was the banks who got “bailed out”, then AIG.First time home buyers just got that same preferential treatment.
On October 1, one of the most popular first time home buyer programs, USDA,  ran out of funds. This happens every year and the program gets refunded when the new budget is passed. This year circumstances are dramatically different, and there was no guarantee the program would get funding.

If you’re not familiar with the program, USDA has become one of the most popular programs for first time home buyers. It’s 100% financing (that’s right) with only one loan and a relatively small MI premium. They will consider credit scores as low as 580 and have many of the same guidelines as FHA when it comes to approving you for your first time home buyer loan. Not all properties qualify for this program, but those that are in the eligible areas can be a foreclosed home, a short sale, standard sale and even new homes.

Bank of America was the servicing lender for the loans in the past and their exit from that market left everyone in a state of “limbo” in regard to the future of the program.

Make a long story short, the government backed secondary market investor, GNMA, has reached agreement with many lenders to continue funding the program while budget issues are still being resolved.

For more information on the USDA first time home buyer program, Click Here

Buying your first home like applying for your dream job?

In many ways buying your first home is like applying for your dream job.

The decisions you make will affect your family for years to come, so being prepared and putting “your best foot forward” is as important in the home buying process as it is in preparing a resume’ for your dream job.

As your future employer reviews your resume he/she will determine, based on current and past performance your ability and willingness to be the perfect employee and your first time home buyer lender will be evaluating your home loan application to determine your ability and willingness to repay them and repay them on time.

The most important question you have to answer is: Do I really want this job?

Like your dream job your first home is one of the most important decisions you will make.

A good decision provides a solid foundation for a promising financial future.

A decision made without careful consideration can lead to major financial problems including bankruptcy and/or foreclosure.

Here are 5 things we advised last year to get your family ready to buy your first home. Think of this as your undergraduate work. Now we’re going to show you some practical steps that will get you started down the path to homeownership.
Read the complete article

Down Payment Assistance for San Diego first time home buyers

First time home buyers in San Diego may now be eligible for down payment assistance through the San Diego Housing Commission.SDHC also has funds available for first time home buyers who may be in need of closing costs assistance to help them make that jump from renter to homeowner.

How do I qualify for down payment and or closing costs assistance?
1. You must a first time home buyer - defined as not having owned a home in the last 3 years
2. Your income cannot exceed the program guidelines based on family size.
3. You have to qualify based on your income and credit for the underlying first mortgage
4. You will be required to attend a certified first time home buyer education class

How much down payment assistance can I get?
You may be eligible for up to 17% of the purchase price. The maximum purchase price is $408,500

What homes are eligible for down payment assistance?
Single family, townhomes and condominiums located in all zip codes that begin with 921 may be eligible.

Do I have to repay the down payment assistance?
Yes, the money has to be repaid but there are no payments as long as you own the home as your primary residence. Interest accrues at 3%.

Am I eligible for closing cost assistance too?
Yes, first time home buyers may be eligible for closing cost assistance of 4% or %15,000, whichever is less, with or without the down payment assistance.

Will I be eligible for a first time home buyer tax credit?
The federal first time home buyer tax credit expired in 2010, but first time home buyers (and some non-first time home buyers) may qualify for MCC (mortgage credit certificate) which converts part of your interest deduction to a dollar for dollar credit against your income tax liability. Click here for more information

To contact a first time home buyer specialist - Click Here

The perfect home is for sale in Murrieta, CA

We all have a different definition of perfect, but this one has everything needed for first time home buyers in today's market:

1) It's been completely rehabbed and is NOT a flip!

2) It's priced $75,000 BELOW the average sale price for Murrieta at $174,200

3) It has to be sold to a first time home buyer (no investors to swipe it from you).

4) The seller is willing (no make that required!) to accept the RivCo Down Payment Assistance program

5) Qualified first time home buyers are eligible for up to 30% in down payment/closing cost assistance.

Now that's my definition of perfect!

http://www.mrmlsmatrix.com/DE.asp?k=922462XQSSE&p=DE-88306087-208

For more information, Contact Us

The majority of first time home buyers have said that saving for a down payment is the biggest hurdle for them on their path to homeownership, and contrary to what you might hear from the mainstream media, first time home buyer programs and down payment assistance are alive and well. 
But how do American's feel about homeownership? To find out check out the result of this survey done by Trulia.com
View Slide Show

4 Pitfalls for first time home buyers to avoid when buying a foreclosure

Due to the mortgage crisis that our country faced over the last several years, there are continually more and more foreclosure properties that are being put up for sale everywhere you turn. Of course, this can be very tempting for first time home buyers as people can sometimes get properties for 30% or even less on the dollar than they sold for less than five years ago.
However, if you are considering a foreclosure property for your next purchase, then there are some common pitfalls that you will need to avoid along the way to protect yourself and your future asset. Let’s review some areas to be aware of before making any serious offers.
Read the complete article

How to get the best price when buying your first home

One of the most important aspects to buying your first home is to ensure that you purchase for a fair price, 
There are certain key steps that you must follow in order to make a sound decision, so it pays to have a knowledgeable Realtor on your side who will be able to help you obtain the best and most realistic price for your first home.


Read the complete article

7 Tax Benefits for First Time Home Buyers

In today’s market first time home buyers know most of the reasons why the “perfect storm” today’s real estate market presents them, even though the media is killing the dream of homeownership.

In most markets across the country everyday, first time home buyers are discovering that buying is cheaper than renting. and there are thousands of foreclosed homes from which to choose.

First time home buyers can also start their real estate investing career with multi-family housing.

But one of the cornerstones of home ownership has always been the tax benefits. In the most simple terms you will pay Uncle Sam less money if you own a home than if you don’t.

Read the complete article

5 Reasons first time home buyers should use a Realtor

For First Time Home Buyers working with a true real estate professional comes with a lot of advantages over trying to go after it alone.
By working with a pro you'll get:

• Someone on your side protecting your interests and not the banks
• Someone with Market Knowledge who can help you navigate existing inventory and get you a good deal
• Someone with the industry contacts to help you find the right first time home buyer program for you and your family
• To save time! Avoid common newbie mistakes. Plus you'll be able to quickly focus in on properties fitting your unique criteria
• A 3rd Party Buffer when it comes time to negotiate. You won't want too many emotions involved here – having a buffer could make you lots of $$$

Watch Video

To Contact a first time home buyer specialist

The three most important words in real estate for first time home buyers

First time home buyers have to be wondering, “Is it a good time to buy real estate?”
The answer is always, “Yes, but it depends.”
it is always a great time to buy real estate but:
Not for everyone,
Not at any price, and
Not just any property.
In order to make that determination for YOU, we first must understand the three most important words in real estate.
If you asked almost any Realtor today, they would say the same thing they've been saying for years: Location, Location, Location!
Read the complete article

What's killing the dream of homeownership for first time home buyers?

Let's see you can own cheaper than you can rent, interest rates are the lowest in 50 YEARS, and home prices are ridiculously affordable.

So why aren't more first time home buyers buying?

Obviously the state of the economy is causing many families to think twice about the purchase of their first home, but how can anyone make an informed decision with all the misinformation being spread by the disconnected mainstream media and the so-called experts?
As first time home buyers it can be hard to separate fact and fiction.

Let's take a look at some recent "expert analysis" and compare it to what's really going on in most markets.

First there's this gem from the brain trust at Trulia.com:
“Today, many banks are actually less enthusiastic about approving residential mortgage applications, which has dragged out the home buying process,” he added. “Until a middle ground on lending practices can be met, many highly-qualified buyers may be forced to be renters by choice for now.”
The truth: There are dozens of loan programs for first time home buyers and they don't have to be "highly qualified". They do have to prove they can and will repay the lender (Hardly a "less enthusiastic" guideline)

And then this from the National Association of Realtors:
Walter Molony, a spokesperson for NAR, fingers tight underwriting practices as another suspect culpable for the upswing in rentals.
Lenders have only been willing to lend to creditworthy buyers.”

What's with those lenders? They only want to lend to people who will pay them back! Imagine that?

(Thanks to MReport for the "insights" from these "experts")

I don't know about other real estate markets but here's what's really going on in the Southern California Real Estate market, particularly Riverside and San Diego Counties.

• First time home buyers can get ZERO down financing with credit scores as low as 580

• First time home buyers in all of California can move in for as little as 1% with a credit score of 640

• Even non first time home buyers can move in with as little as 1/2% with a credit score of 640

• First time home buyers in Riverside County can get up to 20% in down payment assistance with a credit score as low as 600

• Veterans can still buy a home with ZERO down with credit scores as low as 600

• There is still a TAX CREDIT for first time home buyers in Riverside and San Diego Counties

The talking heads in Washington and the media haven't got a clue about the solution to the housing problem.
The solution will come from the bottom up not the top down.

If we can find ways to put more first time home buyer families in homes who want to and CAN make their mortgage payments (Yeah, that's important!), we'll work through the "shadow inventory", and won't be turning our neighborhoods into "detached apartments" by selling foreclosed homes to investors.

P.S. Did you know there are at least 10 programs available in our market to help first time home buyers purchase with little or no money down?

I would love to hear your comments, and feel free to share.

Zero down financing for first time home buyers at Fox Hollow by KB Home

First time home buyers who have decided that a new home in Murrieta is the best match for their family can now get Zero down financing at Fox Hollow, KB Home’s new home community in Murrieta.
Qualified first time home buyers may eligible for this zero down financing using the USDA home loan program. Unlike most first time home buyer programs which offer down payment assistance, the USDA program is truly Zero down and does not have mortgage insurance, which means significantly lower payments than other first time home buyer loans.Fox Hollow is one of the few new home communities in Murrieta to be able to offer this program because of its location in an unincorporated area of Murrieta and contrary to popular belief first time home buyers don’t have to “walk on water” to qualify.
Like all first time home buyer programs there are certain qualifications:
1. You can’t have owned a home in the last three years
2. You meet the income limits based on family size (a family of 5 can make up to $101,100)
3. You are able to qualify on based on your income and credit for the underlying mortgage (credit scores as low as 580 may be eligible).

For more information contact us or visit Fox Hollow and speak with Robyn Nelson or Manny Crawford, KB Home sales representatives. You can also call them at 951-677-4110..

The USDA home loan program is a great opportunity for first time home buyers who have made the decision that all of the benefits of owning a new home are just what they would like for their family.

Don’t forget to ask Robyn or Manny about the first time home buyer tax credit available at Fox Hollow.

For first time home buyers protecting your home is as important as buying it!

Buying your first home is the most important financial decision you will make in your life (so far).

Sometimes the costs of buying your first home will cause you to consider cutting corners on the costs. That's one reason why we recommend that you consider using down payment assistance even if you don't need it or don't think you will qualify for it.

One of the costs that should NOT be on your "chopping block" is home warranty protection.

A home warranty is a service contract that covers the repair or replacement of home systems and appliances that fail due to normal wear and use during the term of the Plan. The typical contract provides coverage for 12 months, is renewable, and coverage can be customized to meet the needs of each individual home.

Your home is most likely one of your biggest investments. Adding a home warranty protects this investment by keeping the covered home systems and appliances in good working order. It also provides peace of mind and budget protection for the homeowner, since repair or replacement of major systems or appliances in today’s dollars can easily cause financial strain.

In addition to budget protection, home warranties offer a convenient service solution should a system or appliance break down. This is particularly valuable for homeowners who are relocating to a new area. Most warranty companies take service calls 24 hours a day, 365 days per year, and can immediately dispatch a qualified contractor to perform the required service. With most claims, the homeowner pays only a nominal service fee to the contractor.

Although home warranty coverage can be obtained for most home systems and appliances, there are specific industry limitations of which the consumer should be aware. Most home warranty companies don’t cover general maintenance or cleaning, cosmetic defects, inadequate capacity, secondary damage, or service involving hazardous or toxic materials such as asbestos.

Always read the home warranty contract to determine the coverage, and make special note of terms and conditions.

When you purchase a home, you can feel confident choosing Old Republic Home Protection as your home warranty provider. We have been delivering outstanding coverage and service to the real estate community and consumers since 1974. Our goal is to provide the best home warranty coverage on the market at reasonable rates, protecting our clients from the high cost of repair or replacement of their home’s major systems and appliances

Thanks to Kathy Lansford of Old Republic Home Protection for the information! For more information contact Kathy: kathy@orhp.com

Does a first time home buyer need to worry about due diligence?

In most real estate markets across the country, first time home buyers have their choice among hundreds of foreclosed homes.

But what makes a foreclosure a good deal?  It's not just the lowest price because that could be a reflection of property condition. Nor is it the best terms, if the terms are "too good to be true" they probably are.

It's a good deal if, after doing your due diligence, you've determined it's the best home available for you and your family.

"Due diligence" is a term normally reserved for real estate investors, but first time home buyers should perform their own due diligence.

The first step in performing your due diligence is hire a good real estate agent. It's a good idea if the agent represents only you and not you and the seller. There's negotiating to be done and you want someone who has your best interest first.

After closing you're the one who will be living there and making the payments, so you'll want to make sure you know as much about the home and the process of buying it as you possibly can.


To get your Due Diligence Property Checklist - Click Here



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Help on the way for first time home buyers credit?

It’s no secret that getting a first time home buyer loan in today’s market requires better credit histories than in the past.
But bad credit doesn’t have to be a life sentence, but it’s up to you to get your financial house in order to make that dream of owning your first home a reality.

Did you know that more than 30 million Americans are contacted each year by collection agencies regarding unpaid medical bills?

In June 2011, a bill titled the Medical Debt Responsibility Act was introduced to Congress by a bipartisan group. This bill would require the three national credit reporting agencies, Equifax, Experian and TransUnion, to remove medical collection records of $2,500 or less from credit reports within 45 days of being paid or settled.

Reasons to Support the Bill

1. Medical bills are sent to collections too quickly by medical professionals
2. Collections can have a major impact on interest rates
3. To improve credit scores so that Americans can buy homes and stimulate the economy
4. Medical bills are not considered a planned event and are usually a necessity or an emergency
5. Some medical bills are disagreements over co-payment
6. Some consumers may not be aware that the hospital or doctor turned the bills over to collections
7. Some consumers don’t know collections are on their credit report until they apply for a loan

To contact a first time home buyer specialist about your credit scores