Friday, November 25, 2011

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

Thursday, November 24, 2011

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

Saturday, November 19, 2011

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

Friday, November 18, 2011

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.
 

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


Wednesday, November 16, 2011

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.

Tuesday, November 15, 2011

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

Saturday, November 12, 2011

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