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.


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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.

 

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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.

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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.

So you want to buy a fixer upper?

To ask your burning question for a first time home buyer specialist

Other related posts:

First Time Home Buyer Myths - Busted!

Another First Time Home Buyer Myth - Busted!

And Another First Time Home Buyer Myth - Busted!

5 Things you can do today to become a homeowner in 2011

If you’re a first time home buyer who has decided that 2011 is the year you will make the jump from first time home buyer to first time home owner, then now is the time to get prepared.
Buying your first home is a process, not an event, so you have to have an action plan that will get you through this process with your sanity intact.
Here are 5 things you can do now to help you get ready for owning your first home in 2011:

1) Test drive the lifestyle - Owning costs more than renting and most first time home buyers find they will have to make some lifestyle sacrifices. It might be as simple as cutting out that daily mocha grande frappiccino or  packing a lunch three or four days a week,
Whatever those sacrifices may be, you might want to find out if you can adjust BEFORE you buy instead of after.
Test drive before you buys


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I thought I made too much to qualify for down payment assistance

Jamie (name withheld) was convinced that owning a home was a better decision for her family than renting., but the costs of buying her first home made it feel beyond her reach. Even though she had a great job, it was hard to save enough money to make her dream a reality.

FirstTimeHomeBuyersNetwork.com, an association of Mortgage and Real Estate professionals who specialize in helping first time home buyers find the right first time home buyer programs and incentives, were there to help Jamie and her family.

“When she was first referred to me by Jim and Teresa DeBruyn of Distinctive Realtors, I realized that Jamie and her family were facing the same challenges as most first time home buyers.” said Greg Cook, of FirstTimeHomeBuyersNetwork.com.
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First time home buyers use down payment assistance to save thousands on move in costs

Members of FirstTimeHomeBuyersNetwork.com, an association of Mortgage and Real Estate professionals who specialize in helping first time home buyers find the right first time home buyer programs and incentives, recently made the difference for a Hemet first time home buyer.

Linda (name withheld by request), had decided now was the right time for her to make that move from renter to homeowner. Her husband had recently lost a lengthy battle with cancer, and she was anxious to move out of the rental they had shared and buy a home that was “hers”.
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First Time Home Buyers getting out of credit score jail

The current real estate market is giving first time home buyers a chance to follow the smart money and make that move from renter to homeowner.
Rising rents are providing additional motivation and “Why rent when you can own for less?”  is becoming the catchphrase of the day.

If saving for down payment is the #1 barrier facing most first time home buyers then having a low credit score is certainly a close second.


But having a low credit score doesn’t have to be a “life sentence”.

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San Diego first time home buyers are following the smart money!

Is now a good time to buy your first home in San Diego? 
Maybe, Maybe not, but here are some compelling financial reasons to consider buying your first home in San Diego.

 1) Rents are on the rise in San Diego - Renters in San Diego, according to CNNMoney, may soon be facing rent increases of 31% over the next few years and 10% in 2011 alone.


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First Time Home Buyer Programs are not one size fits all

A first time home buyer can find the right first time home buyer program from one of  the mortgage sites on the internet?

Just like the other first time home buyer myths, this is too important to be an “off the rack”, one size fits all shopping trip.

Many of these sites are not lenders and shouldn’t be issuing rate quotes anyway.

Apparently, the government has too many other things on their plate to investigate.

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