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