All posts by Kimberly

CREDIT REPORTS

Mortgage Info, ,

For trustworthy and accurate credit reporting information, always use  annualcreditreport.com. It is a free to obtain a copy of your credit history from this website.

The 3 indvidual credit reporting agencies are:

EQUIFAX
800-685-1111
888-766-0008-FRAUD ALERT

TRANS UNION
800-916-8800-Dispute
877-322-8228-Customer Service
610-546-4606-mortgage pending fax #
800-680-7289-FRAUD ALERT

EXPERIAN
888-397-3742
FRAUD ALERTS ONLINE

Some locations that provide secured credit cards to help boost your overall fico scores are:

*Orchard Bank
1-503-293-4037
*First Premier Bank
1-800-501-6125
*Applied Card Bank
1-800-225-5030

Take control of your credit. Its more important than you may realize to be able to qualify for things you need and/or want in life. You MUST show the ability to manage debt!

VA HOME LOANS

Mortgage Info

While the Veterans’ Administration does not set a minimum credit score standard for VA Home Loans, the mortgage industry certainly does. In the wake of the mortgage meltdown, many of the secondary market mortgage investors (companies that buy and sell bundles of mortgages -Mortgage Backed Securities- on Wallstreet) have tightened credit criteria.

The minimum credit standard for lending on VA Home Mortgages has been increased and is set at a minimum credit score of 620 for most Lenders. Credit Rescoring products are available to permanently increase credit scores. Ask me, your Mortgage Loan Originator, for more information by posting a comment on this blog.

Other criteria than just credit score are also considered in underwriting. A minimum of no more than 1 late on any credit, revolving debt and installment debt, including mortgages, is allowable according to most guidelines.

There are still programs for Veterans that have no credit files thus no credit score. These “no credit score” programs may be an option for you if you can prove you have “other” credit accounts such as current rental history, utility accounts, insurance, cell phone.

FANNIE MAE HOMEPATH PROGRAM

Mortgage Info, , ,

FANNIE MAE HOMEPATH PROGRAM

The Fannie Mae HomePath® Renovation program is specifically for borrowers who are purchasing Fannie Mae real estate owned properties requiring no to moderate renovations. Renovation costs cannot exceed 30k or 20% of the estimated completed value of the home. Eligible properties can be located at http://www.homepath.com. Mortgage insurance is not required.

Qualification is similar to that of any other type of mortgage loan. Limited banks offer this program. Key points are:

*Lender Paid Private Mortgage Insurance – non traditional PMI
*5% down Payment for less than 660 mid fico score, 3% with greater than 660 mid fico score
*No appraisal required
*Up to 6% Seller paid closing costs (Seller being Fannie Mae)

Can be a HomePath® Mortgage or HomePath® Renovation Program both for purchase of a Fannie Mae owned REO.
HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the HomePath® Mortgage, HomePath® Renovation Mortgage logo.

The HomePath® Mortgage

The benefits include:

* Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
* You may qualify even if your credit is less than perfect
* Available to both owner occupiers and investors
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a
nonprofit organization, state or local government, or employer
* No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance)
* No appraisal fees
* Also eligible for HomePath® Renovation Mortgage (see details below)
*HomePath® Mortgage financing is available from a variety of lenders – both local and national.

HomePath® Renovation Mortgage Financing

This special financing is available on Fannie Mae homes with the HomePath® Renovation Mortgage logo:

Available only on homes you make your primary residence and offers these benefits:

* Financing to fund both your purchase and light renovation
* Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
* No mortgage insurance* (lender paid MI)
* HomePath® Renovation Mortgage financing is available from several lenders.

You can check out more information at http://www.fanniemae.com/homepath/financing/index.jhtml

USDA Rural Development

Mortgage Info, , ,

The website for the USDA Rural Development Guaranteed Housing Program is:

http://www.usda.gov/wps/portal/usdahome

For income eligibility requirements:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

For geographical area eligibility:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11

RURAL DEVELOPMENT FINANCING

502 Guaranteed Rural Housing Loan – USDA

*No Down Payment
*No Mortgage Insurance
*No Cash Reserves Required
*No Loan Limits
*No First Time Homebuyer Requirement
*New and Existing Homes
*Fixed Rate Financing
*No Seller Contribution Limit
*Loan Amount Can Include Closing Costs & Repairs
*Available In Many Areas
*No Acerage Limitations

Rural Development (RD) financing is perhaps the most misunderstood home financing offered in the United States today. It however provides probably the best terms for home financing available. Best of all, this loan features the NO MONEY DOWN option. A “Common Sense” underwriting process.

Up to 102% LTV of the APPRAISED VALUE…AND any difference between contract sales price and appraised value may be used by the borrower to pay closing costs, pre-paids or repairs. The 2% Guarantee Fee charged by USDA can be added above the appraised value (financed).

Validate Yourself

Inspirational, ,

We all want to make someone proud. Our parents, spouse, partner, friends, employer, etc. But at what point do you live to make others proud while slighting your own happiness and making your self proud? I think there is a fine line between the two. I have found to live for self, not in a “selfish” manner but in a “genuine” manner makes ME proud and happy, all the other people in my life fall inline.

Consider this. Dont seek validation from others, at all. Do seek validation in your heart, mind, spiritual relationship with the higher power you believe in, your overall decision making process and being a good person. For the people in your life, validation from them is not required. The happier you are with YOU and the better YOU feel about yourself, the happier others are with YOU and what you accomplish privately and professionally is a non issue.

Living solely for others is doing yourself a disservice. VALIDATE YOURSELF!

Kimberly

Journey with Me

Inspirational, ,

RelationShips, FriendShips, InternShips, ExternShips, ScholarShips, MentorShips, MemberShips, HardShips, PartnerShisp, WorShips, ChampionShips…are all journeys we are fortunate enough to take in life. Sometimes the journey lasts a lifetime, other times its a one tank trip that leaves it all behind you. What’s most important about traveling on these SHIPS is the message of that journey. Our God, which ever one you happen to believe in, put people, situations and opportunities in our lives for a reason whether temporarily or permanent. Make sure you value each person you come in contact with and each experience you have in life, good or bad. There is always a lesson being taught. GET the lesson! RESPECT the lesson! DO NOT take the lesson for granted.

kimberly

First Time Home Buyer Credit Extended

Mortgage Info, Professional Corner, ,

First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

IR-2009-108, Nov. 24, 2009
WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
The maximum credit amount remains at Continue reading First Time Home Buyer Credit Extended →

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Privacy Policy

Privacy Policy

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