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."
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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.

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.

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

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

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

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

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

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 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

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