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Answers (20)
- Samuel Falvo, "samfalvo"
- Contributions:25
Evy11
You need to keep about 3 accounts open and use them. Simply put a tank of gas or buy groceries on the cards and pay them off every month. This will start to being your score up. Not knowing what is showing on your report now, such as how many late payments you had in the past 12 months, it is hard to say how long it will take to get approved for a mortgae. Score is important, but so is you recent credit history. Sometimes a simple explination with proof is sufficent to satisfy an underwriter, such as an illness.
If you would like a free credit booklet emailed to you. Contact me through my profile. I can also email you 10 short video clips showing you whaty you need to do to get your score up.
You need to keep about 3 accounts open and use them. Simply put a tank of gas or buy groceries on the cards and pay them off every month. This will start to being your score up. Not knowing what is showing on your report now, such as how many late payments you had in the past 12 months, it is hard to say how long it will take to get approved for a mortgae. Score is important, but so is you recent credit history. Sometimes a simple explination with proof is sufficent to satisfy an underwriter, such as an illness.
If you would like a free credit booklet emailed to you. Contact me through my profile. I can also email you 10 short video clips showing you whaty you need to do to get your score up.
- shasta_steve
- Contributions:448
Nope I only have the two houses. Well actually we have three but one is outside the US. I sold the first two houses. I sold the first house, just out of Sacramento in Lincoln, in 2004. I made good money on that house but wish I would have kept it till 2005 or so but such is life. It was small but I really did love that house. It would have been a bit of a drive as Lincoln has exploded but the freeways have not kept up.
No my wife's credit will not be affected but our ability to buy another house will. I bought the house, down south, a few months before we got married. I am betting that I will not need to buy another one anytime soon and I have funds availible to buy another car or so if we need to. I have spent a lot of time researching this and I would bet I know the law, as it pertains to my situation, as well as the average real estate attorney.
Now here is something we will both agree on. If you are in a similar situation or even if you are losing your house because you can not pay. DO NOT talk an agent even if he/she is a so called short sale expert. They will most likely scare the hell out of you with worthless information. Read one of the online forums like loansafe.org and talk to a decent RE attorney. Be careful about the attorney as most will give bad advice also. My buddy has been to three and they have all said different things. Every state has different rules and every situation is different.
On here they will all try and steer you to a short sale and for some it is a good option but for many it is not. Often times people are reporting only dropping 81 points on their credit score with a foreclosure. The agents on here will say 300 or so. What kills your credit is if you stop paying on everything or have huge credit card bills that get cancelled because the banks panic. Shorts sales and loan mods will kill your credit too,especially if you start paying other things late. You will be able to buy another home a little quicker with a short sale but often times not a lot quicker. For some it is just not worth the hassle.
No my wife's credit will not be affected but our ability to buy another house will. I bought the house, down south, a few months before we got married. I am betting that I will not need to buy another one anytime soon and I have funds availible to buy another car or so if we need to. I have spent a lot of time researching this and I would bet I know the law, as it pertains to my situation, as well as the average real estate attorney.
Now here is something we will both agree on. If you are in a similar situation or even if you are losing your house because you can not pay. DO NOT talk an agent even if he/she is a so called short sale expert. They will most likely scare the hell out of you with worthless information. Read one of the online forums like loansafe.org and talk to a decent RE attorney. Be careful about the attorney as most will give bad advice also. My buddy has been to three and they have all said different things. Every state has different rules and every situation is different.
On here they will all try and steer you to a short sale and for some it is a good option but for many it is not. Often times people are reporting only dropping 81 points on their credit score with a foreclosure. The agents on here will say 300 or so. What kills your credit is if you stop paying on everything or have huge credit card bills that get cancelled because the banks panic. Shorts sales and loan mods will kill your credit too,especially if you start paying other things late. You will be able to buy another home a little quicker with a short sale but often times not a lot quicker. For some it is just not worth the hassle.
- Pasadenan
- Contributions:21466
But Steve, I'm still confused; you say you bought 4, sold 2; and that you still have 3? And that the one you owned outright was near Sacramento where you are now working? Did you sell it or not? If it was near where you are now working, why did you "have to" buy?
And with joint property laws, doesn't your credit rating affect your wife even if you did have the Victorville loan in your name only?
(Not that it really matters, I'm just curious).
And with joint property laws, doesn't your credit rating affect your wife even if you did have the Victorville loan in your name only?
(Not that it really matters, I'm just curious).
- Pasadenan
- Contributions:21466
Steve -
I actually admire your decisions, as they are ones that work for you, and you have earned the credit score that entitles you to make such decisions.
I'm much more critical of the NAR-bots, and the Loan Officers who promote poor decisions because they "need" commissions.
You are correct, it is the time to build a good FICO score. That is something most people can do any time.
I only intended to "suggest" caution in people randomly following the example of others when the situations are entirely different.
And it is usually the NAR-bots that constantly state "no one knows the future". Even Jesus in the bible states that no-one knows the hour, except for God, and that not even Jesus knows; but Jesus also states he is coming "soon" and that people should "be ready". And Jesus also comments on people that look at the sky and comment about impending weather conditions, but that they seem to be ignorant regarding the signs of the times.
No, we don't know how "soon" that "soon" is, but we do know what to look for. Same is true of the housing market. One cannot say the "exact" day that a good buying opportunity will come; but one can keep their eyes and ears out for it, and follow trends, and take action when the time is right as you did. But in buying, the first steps are getting the down payment saved and establishing good credit practices.
But listening to the NAR-bots and just buying because "no one know the hour" and the Realtor® needs a commission is just plain foolishness.
And as mentioned before, if one is moving in less than 10 years to take advantage of other job opportunities, or social reasons, or needing more space, or needing assisted care... or any other number of reasons, it could be substantially better to continue to rent in order to maintain flexibility.
I actually admire your decisions, as they are ones that work for you, and you have earned the credit score that entitles you to make such decisions.
I'm much more critical of the NAR-bots, and the Loan Officers who promote poor decisions because they "need" commissions.
You are correct, it is the time to build a good FICO score. That is something most people can do any time.
I only intended to "suggest" caution in people randomly following the example of others when the situations are entirely different.
And it is usually the NAR-bots that constantly state "no one knows the future". Even Jesus in the bible states that no-one knows the hour, except for God, and that not even Jesus knows; but Jesus also states he is coming "soon" and that people should "be ready". And Jesus also comments on people that look at the sky and comment about impending weather conditions, but that they seem to be ignorant regarding the signs of the times.
No, we don't know how "soon" that "soon" is, but we do know what to look for. Same is true of the housing market. One cannot say the "exact" day that a good buying opportunity will come; but one can keep their eyes and ears out for it, and follow trends, and take action when the time is right as you did. But in buying, the first steps are getting the down payment saved and establishing good credit practices.
But listening to the NAR-bots and just buying because "no one know the hour" and the Realtor® needs a commission is just plain foolishness.
And as mentioned before, if one is moving in less than 10 years to take advantage of other job opportunities, or social reasons, or needing more space, or needing assisted care... or any other number of reasons, it could be substantially better to continue to rent in order to maintain flexibility.
- shasta_steve
- Contributions:448
Well Pasa I guess I should feel special you spent the time to post three replies to my post. I guess this is the classic example of it's not what you say but how you say it. No I have not read all your posts and I have no idea why you do post, nor is it really any of my business. I do see someone who always has to be right and likes show how smart he is when I read your posts. I also see someone who loves to drag off topic political crap into his post when it really has nothing to do with anything.
Now things I agree with you on are it is probably a bad time to buy a house in Kearny right now but it is a good time to get the credit issues worked out if he feels he will sometime in the future. I also agree that a person should always make decisions based on what is best for themselves and always be wary of taking advice from anyone who has a financial interest in your decision. As far as "kill me" I am sure you can figure out that was not supposed to be taken literally.
Now of course you are trying to be critical of my decisions. That is how thi game works. I was critical of you and now you are trying to be critical of me. No my rental in Victorville was my primary home I bought in 2003 at 95% LTV. I had a house around Sacramento at the time and did not have the 20% down cash unless I sold it. I went ahead and bought it with the intention of paying the extra to get rid of the PMI I had to pay. In a little over two years It was worth almost double what I paid for it so I never did put the extra money down on it as I could take the PMI off anyway. It was never the house I loved but I did put a lot of work and money into it. In the end of 2008 I took another job around Sacramento and turned that one into a rental. Really I am taking advantage of the situation. I had to turn down several jobs in Northern California because I did not want to pay the 400k plus it would have cost me to buy a small house. I was able to buy a large house, in a decent neighborhood, for less than 250k with 20% down. I know you like numbers and charts, so do I. The average home price around here is about 200k and the average household income is a little over 80k.
Now if you want to be critical of me I fully admit I am letting the house down south go back to the bank. I could afford it but it will be several years before it breaks even. There are costs that are much higher because I am not there to take care of things and I have renters that have paid late more than they have paid on time. In the end I am tired of dealing with it and don't feel like pulling the 40k or so out of my pocket to sell it. I am doing what big business does and am making a decision I feel is in my best financial interest. I am fully aware of the consequences.
Now things I agree with you on are it is probably a bad time to buy a house in Kearny right now but it is a good time to get the credit issues worked out if he feels he will sometime in the future. I also agree that a person should always make decisions based on what is best for themselves and always be wary of taking advice from anyone who has a financial interest in your decision. As far as "kill me" I am sure you can figure out that was not supposed to be taken literally.
Now of course you are trying to be critical of my decisions. That is how thi game works. I was critical of you and now you are trying to be critical of me. No my rental in Victorville was my primary home I bought in 2003 at 95% LTV. I had a house around Sacramento at the time and did not have the 20% down cash unless I sold it. I went ahead and bought it with the intention of paying the extra to get rid of the PMI I had to pay. In a little over two years It was worth almost double what I paid for it so I never did put the extra money down on it as I could take the PMI off anyway. It was never the house I loved but I did put a lot of work and money into it. In the end of 2008 I took another job around Sacramento and turned that one into a rental. Really I am taking advantage of the situation. I had to turn down several jobs in Northern California because I did not want to pay the 400k plus it would have cost me to buy a small house. I was able to buy a large house, in a decent neighborhood, for less than 250k with 20% down. I know you like numbers and charts, so do I. The average home price around here is about 200k and the average household income is a little over 80k.
Now if you want to be critical of me I fully admit I am letting the house down south go back to the bank. I could afford it but it will be several years before it breaks even. There are costs that are much higher because I am not there to take care of things and I have renters that have paid late more than they have paid on time. In the end I am tired of dealing with it and don't feel like pulling the 40k or so out of my pocket to sell it. I am doing what big business does and am making a decision I feel is in my best financial interest. I am fully aware of the consequences.
- Pasadenan
- Contributions:21466
By the way, Steve, is the "rental" that you referred to the one in Victorville that you Financed at 95% LTV in 2003 that is presently $40k underwater if you had to sell it that you stopped making payments on in February? Or is it the 3rd house you had that you owned outright? It sounds like you liquidated the "house you love" that was "paid for" in order to buy in Sacramento?
Of course I'm not being critical of you nor your decisions. I'm only stating that justification for one's own decisions should not be the basis of how others should make their decisions.
Of course I'm not being critical of you nor your decisions. I'm only stating that justification for one's own decisions should not be the basis of how others should make their decisions.
- Pasadenan
- Contributions:21466
continued...
As you mentioned, there are many things that we don't know, such as if you will lose your job this year and be unable to get anything similar for another 3 years; or such as if you will have an injury that is not sufficiently financially compensated for that reduces your potential for income.
But there are some things we clearly know, such as the continued drop in housing values in Kearny NJ for the near future.
Yes, the values will eventually stabilize. Yes, having a paid-off home is a retirement advantage in the long run for those that don't have to move. Yes, maintenance is not a major issue for people with substantial skills, energy, and mobility/dexterity. Yes, there are other options for maintenance for retirees that can no longer do their own maintenance. Yes, people that have retirement money put aside can pay for in-home assistance... but that doesn't mean it is a good idea to buy just because one is tired of apartment configurations or having specific kinds of land-lords, no matter how much a NAR-propagandist needs a commission to pay their own mortgage.
As you mentioned, there are many things that we don't know, such as if you will lose your job this year and be unable to get anything similar for another 3 years; or such as if you will have an injury that is not sufficiently financially compensated for that reduces your potential for income.
But there are some things we clearly know, such as the continued drop in housing values in Kearny NJ for the near future.
Yes, the values will eventually stabilize. Yes, having a paid-off home is a retirement advantage in the long run for those that don't have to move. Yes, maintenance is not a major issue for people with substantial skills, energy, and mobility/dexterity. Yes, there are other options for maintenance for retirees that can no longer do their own maintenance. Yes, people that have retirement money put aside can pay for in-home assistance... but that doesn't mean it is a good idea to buy just because one is tired of apartment configurations or having specific kinds of land-lords, no matter how much a NAR-propagandist needs a commission to pay their own mortgage.
- Pasadenan
- Contributions:21466
Steve -
This is totally "off topic"; but since you brought it up, I'm posting it anyway.
I'm glad you took the time to read "most" of my 11,989 posts, including the 206 (1.7%) that were deleted by Zillow. The count you rounded off included "photos", and that is only the ones that there are links to; Zillow does not track the photos they supposedly deleted, that still remain on their site forever.
No, I'm not here as an "instructor", regardless if you think it is because I "want to teach" or to "try to tell people how smart I think I am".
I have posted at least 20 times why I post, so if you really wanted to know, you could read it. There even is a discussion I started about all the different major reasons people post, so you even could look that up since the search works many times better than it did 2.5 years ago.
No, giving one "case study" does not answer the question.
I bought too, but not in the recent "bubble", and not only would losing 10% of value not kill me, neither would loosing 99.9% of the value, unless of course the 99.9% loss in value was some kind of collapse of the house (fire...) with me inside. Besides, do I really care what ends up killing me in the long run? I will die regardless. Yes, I can prevent some kinds of careless premature death, but I can't prevent death.
This is totally "off topic"; but since you brought it up, I'm posting it anyway.
I'm glad you took the time to read "most" of my 11,989 posts, including the 206 (1.7%) that were deleted by Zillow. The count you rounded off included "photos", and that is only the ones that there are links to; Zillow does not track the photos they supposedly deleted, that still remain on their site forever.
No, I'm not here as an "instructor", regardless if you think it is because I "want to teach" or to "try to tell people how smart I think I am".
I have posted at least 20 times why I post, so if you really wanted to know, you could read it. There even is a discussion I started about all the different major reasons people post, so you even could look that up since the search works many times better than it did 2.5 years ago.
No, giving one "case study" does not answer the question.
I bought too, but not in the recent "bubble", and not only would losing 10% of value not kill me, neither would loosing 99.9% of the value, unless of course the 99.9% loss in value was some kind of collapse of the house (fire...) with me inside. Besides, do I really care what ends up killing me in the long run? I will die regardless. Yes, I can prevent some kinds of careless premature death, but I can't prevent death.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Evy,
check my profile and call or e-mail me. We'll spend 15 minutes or so on the phone and get you in the right direction. Message boards are great of you need a quick answer, but getting pre-approved, getting advice on what to do to become "mortgage ready" is not something you'll get from discussion boards.
check my profile and call or e-mail me. We'll spend 15 minutes or so on the phone and get you in the right direction. Message boards are great of you need a quick answer, but getting pre-approved, getting advice on what to do to become "mortgage ready" is not something you'll get from discussion boards.
- shasta_steve
- Contributions:448
Wow Pasa when I read your posts I am reminded of what a high school teacher told me before I went off to college. He said I would find two types of instructors, those that really wanted to teach and those who just wanted to try and show how smart they are. Any guess where I put you and your almost 9000 posts?
Truth is I might die tomorrow or maybe get another 50 years. I am pretty sure they they have had earthquakes, floods and tornadoes around for a few years too. Corporate greed is also something that is not really new either. Now if you have a way of predicting natural disasters maybe you can email me as I think we can make some money off of this one.
Now now might not be a good time for the OP to buy a house but it probably is a good time for him to get his ducks in a row so he can some day if he so chooses. Yes I can read a trend chart and I am fully aware that prices may continue to go down. I am also aware that prices in my area are finally starting to get back down to about 2 or 3 times the average income of people buying them. Now I could have waited it out in an apartment but I do have this little thing about quality of life. My payment is actually about $400 less a month than it would cost me to rent the same house. They can say what they want but the houses I was looking at a year ago are selling for about the same or a little more today. I don't know what the future holds but I have a pretty good idea what my payments are going to be.
Like I said before buying a house is not for everyone. For me the one thing I have seen is for the average person it makes a huge difference when they go to retire if they have a house paid off or not. I don't expect to get rich with my house but I will have it paid off in less than 15 years.
It is something I enjoy and most importantly can afford. If I miss the bottom by a few percent then so be it.
- Pasadenan
- Contributions:21466
Know one knows what the future holds????
You don't know that you will pay taxes? You don't know the magnitude of your taxes? You don't know that you will die in less than 100 years? You don't know that there will be no cure for cancer in the next 100 years? You don't know that there will be more earthquakes, floods, fires, tornadoes, volcanic eruptions, and oil spills? You don't know that the governments will continue to allow the mega corporations to abuses the environment with no restitution required?
You don't know how to read trend charts???
Kearney 1 year trend values
You can't see that the drop in values is not leveling off yet? You can't see that the rate of change in drop in values is not decreasing yet? You can't see that there is still an incentive from the government artificially propping up prices that is soon to be removed? You can't see that Fed stated they will continue to keep interest rates artificially low for the next 6 months? You can't see that it is still presently cheeper to rent than to buy?
Goldman Sacs knew the mortgaged backed securities CDO's would collapse; that is why they made so much money buying credit default swaps to "insure" them. Many others knew too and made huge profits.
The only reason people want to tell you that no one knows is so they can take advantage of you, take your money for something that is a poor decision, and keep you from looking into the details.
Even Toyota knew that the accelerator peddle would stick on many of their vehicles; but they weren't planning on telling the customers that as either it would cost Toyota money to fix it, or they would lose potential buyers. Sure, it would have been cheaper to fix it ahead of time, but that takes time and resources, and they had demands for purchases that needed to be met, and they didn't want to ship late.
You don't know that you will pay taxes? You don't know the magnitude of your taxes? You don't know that you will die in less than 100 years? You don't know that there will be no cure for cancer in the next 100 years? You don't know that there will be more earthquakes, floods, fires, tornadoes, volcanic eruptions, and oil spills? You don't know that the governments will continue to allow the mega corporations to abuses the environment with no restitution required?
You don't know how to read trend charts???
Kearney 1 year trend values
You can't see that the drop in values is not leveling off yet? You can't see that the rate of change in drop in values is not decreasing yet? You can't see that there is still an incentive from the government artificially propping up prices that is soon to be removed? You can't see that Fed stated they will continue to keep interest rates artificially low for the next 6 months? You can't see that it is still presently cheeper to rent than to buy?
Goldman Sacs knew the mortgaged backed securities CDO's would collapse; that is why they made so much money buying credit default swaps to "insure" them. Many others knew too and made huge profits.
The only reason people want to tell you that no one knows is so they can take advantage of you, take your money for something that is a poor decision, and keep you from looking into the details.
Even Toyota knew that the accelerator peddle would stick on many of their vehicles; but they weren't planning on telling the customers that as either it would cost Toyota money to fix it, or they would lose potential buyers. Sure, it would have been cheaper to fix it ahead of time, but that takes time and resources, and they had demands for purchases that needed to be met, and they didn't want to ship late.
- shasta_steve
- Contributions:448
Really no one knows what the future holds. My house, I just bought, is actually priced below 2000 prices if you factor in inflation, which would be about 28% total between 2000 and 2010. My rental I own is worth a little less than 2000 prices without factoring in inflation.
As far as if now is a good time to buy depends a lot on the location and depends a lot on the person. I personally hate to rent but for some it is perfect. You can come and go without the hassles of selling a house. It is expensive to purchase a house and if you are not good with tools it can be very expensive to maintain it too. For me I hate not having control of the house I live in. I like to work on things and not having to ask permission when I want to do something.
When I bought my last house I asked myself how much I would be comfortable losing if prices go down. I plan on staying here for many years, the interest rates were very good, buying is actually less than renting and a $6500 repeat buyers credit was a nice little bonus. For me I figure up to about a 10% drop won't kill me. I really doubt things will get much worse than that but if they do I will survive.
As far as if now is a good time to buy depends a lot on the location and depends a lot on the person. I personally hate to rent but for some it is perfect. You can come and go without the hassles of selling a house. It is expensive to purchase a house and if you are not good with tools it can be very expensive to maintain it too. For me I hate not having control of the house I live in. I like to work on things and not having to ask permission when I want to do something.
When I bought my last house I asked myself how much I would be comfortable losing if prices go down. I plan on staying here for many years, the interest rates were very good, buying is actually less than renting and a $6500 repeat buyers credit was a nice little bonus. For me I figure up to about a 10% drop won't kill me. I really doubt things will get much worse than that but if they do I will survive.
- Pasadenan
- Contributions:21466
Of course 2000 prices were not the peak... You are supposed to buy low and sell HIGH; 2005 to 2007 was the time to SELL; now is the time to "wait"....
You are nothing but an NAR propagandist!
You are nothing but an NAR propagandist!
- James Berman, "TheNJRealtorGuy"
- Contributions:198
2000 prices where not the peak. And it is the best time to buy it the first time price are down and interest rates are down, its in the news all the time you dont have to be a full time Realtor like me to know this.
- Pasadenan
- Contributions:21466
Doesn't anyone bother to read the location posted above the question? It says Kearny New Jersey; none of the places that the guy from Envoy asked about!
No, it is not the best time to buy in years; prices are still substantially inflated over 2000 prices in most parts of the country, and prices are still being kept artificially high by government "incentives" that are soon to end, and when interest rates eventually rise (in 6 months to 5 years from now), prices will drop to compensate for it, putting more people underwater again.
Zillow provides the trend data for almost all market areas. It would help if people stopped wearing blinders and actually looked at the data.
No, it is not the best time to buy in years; prices are still substantially inflated over 2000 prices in most parts of the country, and prices are still being kept artificially high by government "incentives" that are soon to end, and when interest rates eventually rise (in 6 months to 5 years from now), prices will drop to compensate for it, putting more people underwater again.
Zillow provides the trend data for almost all market areas. It would help if people stopped wearing blinders and actually looked at the data.
I can work with you i getting your credit score up. You are at a good place being that you have paid your credit cards off. Just don't close the accounts. Do you live in MO, IL or Kansas? I could more than likely help you to get financed for a mortgage loan with monthly payments about what you are paying for rent.
- James Berman, "TheNJRealtorGuy"
- Contributions:198
This is the best time in years to buy a home, prices are low and so are interest rates. This is the most ideal time. When prices start going up so will interest rates to control how fast home prices go up. I tell all my 1st time buyers they already know what they can afford a month cause your paying it rent. Now is the time with a trusted agent to find the right lender for your needs and circumstance. If it can be done let the agent do the work he gets paid for.
- Pasadenan
- Contributions:21466
Ownership costs get higher and higher every year too. Not just "taxes"; not just "utilities", but primarily the cost of maintenance items and required maintenance. That is even with a fixed rate mortgage, or a paid off property.
And now that properties are declining in value rather than keeping up with inflation, the time to buy is AFTER they stop declining in value, not "while" they are declining in value.
Take a look at the US Census data sometime and compare ownership costs to rental costs. They really are about the same. And if you factor in Realtor and Loan officer transaction fees, it doesn't make much sense to "buy" unless you are planning on staying in the same place more than 7 years. Actually, presently, it is closer to 10 years for "break even".
As far as improving credit score, you should look at "myfico.com". But really, it is quite simple; NEVER pay ANY bills "late" (that includes the phone bill....), NEVER spend more than you make, ALWAYS pay more than the minimum. Keep 3 good credit cards for long periods of time with no balances; Never let your credit usage on any card rise above 3% of the credit limit.
Most people can fix their credit scores in 6 months to 1 year as long as there were no major defaults. Major defaults (bankruptcy, foreclosure, collections, repossession....) take a bit longer to "fix".
And now that properties are declining in value rather than keeping up with inflation, the time to buy is AFTER they stop declining in value, not "while" they are declining in value.
Take a look at the US Census data sometime and compare ownership costs to rental costs. They really are about the same. And if you factor in Realtor and Loan officer transaction fees, it doesn't make much sense to "buy" unless you are planning on staying in the same place more than 7 years. Actually, presently, it is closer to 10 years for "break even".
As far as improving credit score, you should look at "myfico.com". But really, it is quite simple; NEVER pay ANY bills "late" (that includes the phone bill....), NEVER spend more than you make, ALWAYS pay more than the minimum. Keep 3 good credit cards for long periods of time with no balances; Never let your credit usage on any card rise above 3% of the credit limit.
Most people can fix their credit scores in 6 months to 1 year as long as there were no major defaults. Major defaults (bankruptcy, foreclosure, collections, repossession....) take a bit longer to "fix".
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You're probably in a better situation renting that about 90% of today''s homeownres that owe considerably more than their home is worth. Don't be so hard on yourself.
You're credit will improve by making payments on your obligations as agreed. .... Happy funding, Rudi
You're credit will improve by making payments on your obligations as agreed. .... Happy funding, Rudi
- Jonathan Palmer, "JonathanPalmer"
- Contributions:6
First meet with a good mortgage professional that can help you lay out a game plan. The game plan should start by evaluating your credit report and seeing exactly what all 3 scores are (Experian, Transunion, Equifax) and then determining what factors are keeping the score down.
It could be a history of late payments, it could be erroneous information, or it could be not enough credit in your name just to name a few. Once you determine the factors, you can devise a plan to improve your scores to the point where you can qualify.
The other key task for your mortgage professional is to determine how much debt you can comfortably service taking into account the tax write off you will enjoy as a result of paying for a mortgage instead of rent. A rent vs. buy analysis can be very eye opening. Start with the credit strategy and the rent vs buy and you should be well on your way.
It could be a history of late payments, it could be erroneous information, or it could be not enough credit in your name just to name a few. Once you determine the factors, you can devise a plan to improve your scores to the point where you can qualify.
The other key task for your mortgage professional is to determine how much debt you can comfortably service taking into account the tax write off you will enjoy as a result of paying for a mortgage instead of rent. A rent vs. buy analysis can be very eye opening. Start with the credit strategy and the rent vs buy and you should be well on your way.
i cant believe my rent gets higher and higher every year, im tired of renting for years!
i've been renting for apts for years, im thingking of buying a house. I need to know what is the first thing i need to do? My credit is poor, i paid off all my credit cards and dont owe anything. When do i see my credit report in progress?
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