The top 10 Credit Myths for Corona first time home buyers

On April 1, 2012 the bar was raised for Corona first time home buyers and a credit score of 640 is now the baseline for first time home buyer credit and first time home buyer loans.

You can still be approved for a first time home buyer loan in Corona with a lower score, but a little credit restoration can go a long way to making your dream of homeownership in Corona a reality at an affordable interest rate.

If you're not careful restoring your credit can have a lot of land mines which in the end will do more harm than good to your first time home buyer credit. Understanding the difference between "common sense" and "FICO score sense" will save you a lot of time and money.

Watch this video from Linda Ferrari, a credit restoration expert, on the top 10Corona first time home buyer credit myths

Corona first time home buyers has your credit been hacked?

 First time home buyers in today's Corona real estate market have to be very conscious of their credit. Simply put the better your credit score, the better chance you will have of getting your first time home buyer loan at a good interest rate.

Unfortunately many Corona first time home buyers are using some of the online sites, like AnnualCreditReport.com and CreditReport.com. According to a report by MSNBC, if you're a Corona first time home buyer using one of these sites, your credit may have been hacked and is being sold.

"Well trafficked websites like AnnualCreditReport.com, Equifax.com, or CreditReport.com are being hacked and consumer data stolen from them."
"The credit profiles of individuals with strong credit scores (750+) are being pilfered and sold for as much as $80 in underground, online black markets."
To Read More...

Riverside first time home buyers credit should you close that account?

First time home buyers in the Riverside real estate market, among other things, have to pay close attention to how they manage their credit.
Unfortunately combining internet misinformation and advice from well meaning friends and family can have disastrous results on your first time home buyer credit and ultimately keep you from buying your first home in Riverside.

It would seem like common sense that if you have an account on your credit report that you're no longer using, the prudent thing to do would be to close that account.

But common sense and FICO "score sense" can be very different and not knowing the difference can have "unanticipated consequences" on otherwise good first time home buyers credit score.

Read More...

Corona first time home buyers has the bottom of the housing market come and gone?

There are no lack of predictions for Corona first time home buyers on the bottom of the housing market, and if you're one of the many first time home buyers in Corona who are still sitting on the fence and focusing on short term prices as opposed to the long term investment value of your first home in Corona, this video from the Today Show, should give you some food for thought.

We have helped thousands of families take the big step of owning their first home and they all have one thing in common: When they were ready they, contacted us.

Visit msnbc.com for breaking news, world news, and news about the economy

Corona first time home buyers have two words for the fence sitters

First time home buyers in Corona have two words for all the “fence sitters” who are still trying to decide if buying their first home in Corona is the right decision.

Buying a first home in Corona is NOT the right decision for everyone

You shouldn’t buy if renting better fits your lifestyle, if you haven’t made the commitment to owning or are focusing more on short term prices than long term investment.

There are thousands of families in Corona who decided that owning their first home in Corona was the right decision and they have two words for those of you still sitting on the fence.

The two words?
Read on...

Corona first time home buyers credit how ill inquiries affect your credit score?

The number one question asked by Corona first time home buyers about their credit is: How will inquiries affect my credit scores?

First time home buyers, as they search for their first home in Corona, are going to get a lot of information and a lot of misinformation. Misinformation about your first time home buyer credit score can have disastrous implications. The best information about Corona first time home buyer credit comes from a credit repair professional.

One of our partners, is Dedicated Credit Repair. Watch this video as they explain how inquiries will affect your first time home buyer credit.


For more information on first time home buyer credit - Click Here

If you're ready for help with your credit scores - Click here for a free consultation

We’ve helped thousands of first time home buyers with their education and cleared up a lot of "mis-education" too. These first time homebuyers all did the same thing: they took the first step and contacted us.

Corona first time home buyers paying too much attention to home prices?

Why does the third richest man in the world (Warren Buffett)  think that first time home buyers like you should get off the proverbial fence? Because owning your first home is the best way to increase your net wealth!

Unfortunately too many first time home buyers pay way too much attention to short-term price changes. They're so worried that prices might drop a little and feel that maybe they should wait to buy something.

Of course if you think you can predict the future  then by all means roll the dice!

However, the reality is that price, within reason, really should be a secondary matter in your search for a good property to purchase. In 2020 or 2022, you won’t even remember the 2012-2013 price fluctuations. You’ll just be gloating to yourself how brilliant you were buying into the market ten years ago. Not only will you have purchased a great property at the most affordable pricing seen in decades, but you will probably have locked in an outrageously low interest rate.

If it's good enough for Warren Buffett it might a good enough reason for you.

Read the complete article

Riverside first time home buyers what does Warren Buffett say about buying a home?

There's so much information for first time home buyers to digest when it comes to deciding whether now is the time to buy their first home, it can be very hard to know what would be the best decision for you and your family.

There are plenty of experts and "fakexperts" out there with opinions on buying your first home, but one of the richest men in the world would buy hundreds of them.


We have helped hundreds of first time home buyers in Riverside and San Diego Counties make the right Buy v Rent decision. They all have one thing in common, they took the first step and contacted us.

Corona First time home buyers to buy or not to buy?

That is the question!

Corona First time home buyers are bombarded with "buy, buy, buy" or "don't, don't, don't"  when it comes to buying their first home in Corona. There are good reasons on both sides and it can be difficult for first time home buyers to know which is best for their family and there's as much misinformation as accurate information.
Buying your first home in Corona is the most important financial decision you will make and unless you're committed to the lifestyle, ready to make a long term investment and are prepared to take the necessary steps, DON'T DO IT!

  But if you like the challenge of the daily "recon" mission for a parking place or if Saturday mornings in the laundry room are the highlight of your social week, then apartment living is right for you and you should stay put.
But let's take a look at this from a more pragmatic point of view: Unless you're living in your parent's guest room, basement or casita, you have to live somewhere and pay someone else for the privilege.
So what will you do when your lease expires?
Read the complete article

The mis-education of Riverside first time home buyers

The internet has created an interesting dilemma for first time home buyers. There are seemingly innumerable experts who are touting information about the nationwide housing crisis being over. But how do you know if it’s information or mis-information?

Many of this new breed of experts might better be referred to as “fakexperts”. A “fakexpert” might be defined as an expert in misinformation.
An expert will SHOW you what the information means to you, to help you make a more informed decision on buying your first home. A “fakexpert” will spin the information in the best possible light, usually for their benefit not yours.

Here are some examples, you decide. Expert or “Fakexpert”?

The National Association of Realtors recently announced that “Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent. (Given the NAR’s recent decision to revise home sales downward for the last five years, it might make them the poster children for “fakexperts”)

Within hours of this information being released, a number of other “experts” came forward to either dispute the numbers or put their own spin on them:

“[It] is not quite as encouraging as it first appears given that it comes at the expense of a 5 percent downward revision to the previous month’s figures. (Capital Economics)

“Sales of U.S. existing homes marched upward in January, maintaining a trend that started in the second half of last year. (Moody's Analytics)

“Indeed, the market for existing homes is about as strong as it has been in five years, nationally and in all four regions. (IHS Global Insight)

Experts or “Fakexperts”? You decide, but these companies are being paid by someone to reach these conclusions.

What does it mean to you the first time home buyer?
Not much!
Local market conditions are far more important and it takes a local expert to SHOW you those trends and help you make the decision whether now is the right time to buy your first home.

We have helped thousands of first time home buyers get their piece of the American Dream. The one thing they have in common? They contacted us.

Riverside first time home buyers the housing crisis is officially over!

It’s official the housing crisis is OVER for Riverside first time home buyers! 

How do I know? I saw it on the internet and all it took was $431 to do it!

The end of the housing crisis has been a topic of discussion since before it really began.
As far back as 2008, the Wall Street journal was predicting an end to the housing crisis. “It is very likely that April 2008 will mark the bottom of the U.S. housing market.”

In September of 2008 (9/11 to be exact) CnnMoney said:
“A handful of economists and analysts predict the slump will bottom out, and home prices will level off by next summer - advice worth listening to.”

Obviously Nostradamus has nothing to worry about!
Read the complete article for more expert opinions on the housing crisis

Temecula first time home buyers do you know what your wireless carrier is doing with your information?

Mobile devices have become indispensable for first time home buyers. They can search for homes, find open houses, and check out virtual tours. Mobile devices allow first time home buyers to do virtually everything their home computer does.

But at what price?

This video shares How carriers gather, track and sell your private data


Network from Michael Rigley on Vimeo.

So, we get to pay them each month to have our personal data harvested?

Hmmm!

Temecula first time home buyers best educated or most mis-educated?

First time home buyers in Temecula entering today’s housing market are considered by many to be the best educated first time home buyers in history. The internet has given them access to more information than any generation of first time home buyers.

Unfortunately today’s Temecula first time home buyers may also be the most “mis-educated” first time home buyers in history. According to Thefreedictionary.com: mis-educate means To educate improperly.
Maybe a better definition would be to educate with misinformation?

“It must be true, I read it on the internet”, is intended to be a tongue in cheek statement but when that information agrees with something you’ve already been told, especially by friends and family members, it tends to become true in your mind and may be creating unrealistic expectations for you or mis-education.
Read the complete article

Temecula first time home buyers buying your first home is a road trip

If your first time home buyer resolution for 2012 is to become a first time home owner, then it's important to realize an important fact: Buying your first home is a "road trip" not an event.
On this road trip you're going places you've never been before and Google Maps can't help you get there.

There are hundreds, maybe thousands of real estate websites that will tell you the first step on the path to homeownership is to contact a real estate agent or get pre-qualified for your first time home buyer loan.

Good advice, but it's like starting on your road trip about one-third of the way through and you may not even be sure why you're there, whether or not your car will even make it, or what your final destination really looks like.

Read the complete article

 If you're looking for help to map out your road trip, contact us. We've helped thousands of first time home buyers and their families reach the destination that was right for them.

Murrieta first time home buyers smart shopping for your first time home buyer loan

Buying your first home in today's Murrietaa real estate market, can be confusing and frustrating.
There's so much information and misinformation for Murrietaa first time home buyers to sort through that it can be difficult to separate fact from fiction.
When you've made the commitment that 2012 will be the year you decide that your investment in Murrieta real estate will be for you and not your landlord the next step is to determine how you're going to pay for your first home.
The media and other so-called "experts" would have you believe that all you have to do to get your first time home buyer loan is pick up the phone and call around for the lowest rate.

Getting the lowest rate is more fiction than fact for most first time home buyers.

Read the complete article

So, if youre a first time home buyer shopping for loans based on rate, chances are you'll be making a decision based on incomplete information, which can be a "train wreck waiting to happen".
In short, be a Smart Shopper
For more information about first time home buyer programs, click here

Is real estate a good investment for Temecula first time home buyers?

Is real estate a good investment for Temecula first time home buyers?
If you’re a Temecula first time home buyer and asking yourself that question, it’s almost impossible to get an answer that means anything to you and your family.

The disconnected national media (on-line and offline) is no help. Their view from 30,000 feet is no help to first time home buyers who are looking at it from ground level.

How does a first time home buyer evaluate the investment side of buying their first home? First, let’s define “real estate investment”

A real estate ownership interest, whether a personal residence or rental property, that increases one’s net wealth by a fair rate of return on their invested cash equity; for the corresponding amount of risk they are taking by owning a relatively high risk asset.
What that means is that if you are going to put your invested cash equity into real estate, your net worth should improve by a greater amount than if you invested in a similarly risky asset. 

Read the complete article


For more information about real estate investment for first time home buyers, click here

Thanks to Leonard Baron, for the for some of the content. You can see more at Professor Baron.com

California first time home buyers hurt by misinformation about down payment assistance

First time home buyers in California have a huge opportunity waiting for them and unfortunately many are still paying more in rent than they would for a comparable home because of the misinformation being disseminated.

I'm not sure how these things get started, but I would like to take a few minutes of your time and clarify the down payment assistance programs available for California first time home buyers.

Not all first time home buyers qualify for every program, but most qualify for more than one. Not every home is eligible either, but many  are eligible for more than one program. Only a lender experienced with these programs can find the right match for you and your family.

Read the complete article

If you're a first time home buyer who is still overpaying their landlord and missing out on the tax benefits of homeownership and would like more information about the first time home buyer programs available for you and your family Click here.

Rent to own the right move for Riverside first time home buyers?

If you’re a first time home buyer who isn’t quite ready to make that commitment. Then maybe one of the many homes available as “rent to own” might be an option for you.

It will give you an opportunity to “test drive” the lifestyle and find out if homeownership is the right thing for you and your family.

Before you do, however, it’s critical that you know what you’re signing up for. Rent to own, also called a "lease purchase", is just a euphemism for “lease with an option to buy”. The owner of the home agrees to sell you the home at some time in the future at an agreed upon price. As consideration, you will pay him an agreed upon amount (option money and it’s generally non-refundable) to “hold” the property for you.

Sounds simple enough, but as potential first time home buyers you need to focus on the “own” and “purchase” terms. At some time in the future you’re going to have to purchase this home or risk losing your option money and it’s important to do it right!

You should look at this opportunity from two perspectives: Personal and Property

Personal - If you’re not ready to buy now because of credit, income or down payment problems. Will you be able to improve your situation by the time the option needs to be exercised?
If you’ve put off getting your credit in order, if you’re not going to start now, then rent to own is not a solution.
Sitting down with a mortgage professional or credit repair specialist now might seem premature but there’s no one better equipped to give you a detailed plan on how to prepare yourself to buy your first home when the time comes.

You’ll be purchasing this home and that means qualifying for a loan, so your income, credit and assets will have to meet the qualifying criteria in effect at that time.

Property - The location and everything else about the home are perfect for you and your family. You can picture yourself living there a long time BUT unless you’re a “smart first time buyer” now, this might end up being just another rental home when the option comes due.
NO ONE knows where housing prices will be in two or three years, so it’s critically important that you “buy right” now.
Who’s determining the option price? If it’s the owner and the price is too high now, chances are in a year or two it will still be too high and you’ll only be able to get financing if you can re-negotiate the price or bring in a bigger down payment.

Rent to Own can be an opportunity to “dip your toes in the water” for first time home buyers but you still have to be smart and have a good “exit strategy” when it comes time to exercise your option.

For more information on rent to own, contact us.

Help for first time home buyers important tips about divorce and your credit

In our previous posts about first time home buyers credit and how it could be impacted by divorce, we talked about: Getting a clear picture, How to handle unsecured credit accounts and How to handle secured credit accounts.

Here are some tips from Linda Ferrari, President of Credit Resource Corporation on how to make sure your first time home buyer credit survives a divorce.
1. MAKE SURE THE BILLS GET PAID-NO MATTER WHAT THE JUDGE SAYS:Regardless of what the divorce decree stipulates, it does not override your account agreements with your creditors. Both spouses are liable and responsible for joint debt regardless of who the judge orders to pay the bill. If the bills are not paid and an account defaults, both spouses can be sued, and both spouses can have their wages garnished. Most late pays occur during the divorce negotiations phase. Don't allow this happen. One 30 day late can drop your score anywhere from 25-75 points, and it takes months to gain those points back.
2. PROTECT YOURSELF IN JOINT ACCOUNT SITUATIONS: The best way to handle joint accounts is to eliminate such accounts whenever possible. Because joint accounts are approved using the information from both spouses' credit reports, a creditor will not remove one spouse's name from an account regardless of the presence of court documents declaring a specific spouse responsible for payment and upkeep.
3. IF YOU DECIDE TO LEAVE YOUR NAME ON A SECURED LOAN ACCOUNT, BE SURE THAT YOUR NAME REMAINS ON THE TITLE: Once your name is removed from the title, you no longer own the asset. This means that if the responsible spouse defaults on the loan, and you have to pay it, you'll be paying for something that you no longer own.
4. FINALLY, putting the action plan to work as early in the divorce process as possible will ensure your credit will be protected to the greatest extent possible. Decisive, quick action will empower you to move forward.

If you're a first time home buyer who is worried about their post-divorce credit scores and would like a FREE consultation with a credit repair specialist, click here.

Divorce and your credit help for Temecula first time home buyers part 3

First time home buyers are not immune from divorce, and while an unfortunate circumstance, it's important to recognize there is a "business" side to it and knowing how divorce affects your credit is as important as the actual legal proceedings.

First time home buyers who let "the chips fall where they may" often times find themselves on the outside looking in when in it comes to owning their first home.
Previously we talked about getting a clear picture of your credit and offered some advice on how to handle unsecured accounts.
Even though your divorce decree gives the other party the responsibility of making the payments, if/when they don't your credit will suffer because it was an obligation that didn't get paid and when that happens your credit score is going to suffer.
Thanks to Linda Ferrari from Credit Resource Corporation for this advice for first time home buyers on how to handle secured accounts (loans and mortgages).
B. SECURED ACCOUNTS-YOUR OPTIONS:
• SELL IT: This is the safest and best option. You sell the asset, pay off the loan in full, wipe the slate clean and move on. (The creditors are not always diligent in reporting, so keep copies of the paperwork.)
• REFI IT: If the spouse who has responsibility can qualify for a refinance in their own name, or they have a family member who can assist them with the loan, you can have them buy you out completely and you can walk away without obligation and get your name removed from the account.
• BE CAREFUL: The least desirable option is to keep your name on the loan with certain terms and conditions. This option leaves your credit vulnerable to the responsible spouse's actions going forward. A late payment or a default on the loan will damage your credit.

If you would like a FREE consultation from a credit repair specialist, click here

Check out our video series on managing your credit

One percent down payment assistance for Temecula first time home buyers

According to a recent report from the National Association of Realtors (NAR) the average down payment made by first time home buyers is 12%. Unfortunately this type of reporting has led many first time home buyers to believe that homes can only be purchased if they have a substantial down payment.

For first time home buyers, especially first time home buyers in California that can be quite an obstacle to achieving their dream of homeownership.But fortunately first time home buyers in California have help from a down payment assistance program that will help them buy their first home with a minimum of 1% down.

This help comes from the California Housing Finance Agency (CalHFA) in the form of down payment assistance of 3%. It’s not free money, but it is cheap. Interest accrues at 3% per year (with no payments required) until you sell or move from your first home.

To qualify for the 1% down payment program, you must:
1. Be a first time home buyer or not owned a home in the last three years
2. Be credit qualified for the underlying FHA first mortgage (minimum credit score of 640)
If you need help getting your credit score to that level, contact us and we’ll get you a FREE credit consultation with a credit professional.
3. Meet the income limits, based on family size, for the County in which you will be living. You might be surprised how liberal these limits are, for more information on your County, contact us.
4. Attend a HUD approved first time home buyer education class.

Unlike many of the other down payment assistance programs for first time home buyers, you can use the 1% down payment program on bank owned homes, short sales, and even new homes are eligible.

For more inofrmation on the 1% down payment program for California first time home buyers, click here

First time home buyers credit-divorce and your credit-part 2

If you're a first time home buyer facing the prospect of divorce, taking the right steps now will ensure that when the time comes to buy your first home your credit won't be a stumbling block.

In our first post we recommended  getting a clear picture of your credit by creating a spread sheet of all your accounts (joint and separate).  Your credit consists of two types of accounts unsecured (credit cards) and secured (installment loans) and each needs to be evaluated differently.

Thanks to Linda Ferrari, President of Credit Resource Corporation for this game plan.

STEP 2: ACTING ON THE INFORMATION

Read the complete article