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 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.

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

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.

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

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.