Typically, when a person refinances their home it's to take money out. Find out when it's a good idea to put money in.
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Wednesday, September 29, 2010
Saturday, September 25, 2010
0% Down in Certain Rural Areas
Find a Home for 0% Down
Are you looking for a home in a rural area? Do you want a Zero Down Loan? King County has a USDA Rural Development loan program. Just click the above link and type in the property address to see if the home will qualify.
Are you looking for a home in a rural area? Do you want a Zero Down Loan? King County has a USDA Rural Development loan program. Just click the above link and type in the property address to see if the home will qualify.
Tips to Improve Your Credit Score
Are you in need of credit repair, but don't know where to start? You can begin by requesting a copy of your credit report through the credit bureaus or a credit monitoring service. On your report you can see what is making your score so low. Too many credit inquiries, outstanding balance too close to credit limit and late payments are just a few of the ways your score can dip. Focus on the main issue, and remember it does take time for positive work to reflect on your report.
One of the most effective ways to increase your score is to keep your debt under 30% of your credit limit. Anything above that will have a negative impact on your score.
Limit the amount of credit cards you have. Less is more. The minimum open lines of credit to buy a home or rent an apartment is three, so there's no need to open ten. Also, a mortgage or car lease qualifies as a line of credit that can help your score by adding to the variety of credit types.
Remember your oldest credit card and the one with the least APR% are your best friends. Keep these open and pay them down. They contain your greatest credit history. If you close them all that history goes away and so does your good score.
Overall, if you just maintain low balances and limit your lines of credit you'll be on your way to a more admiral FICO score.
One of the most effective ways to increase your score is to keep your debt under 30% of your credit limit. Anything above that will have a negative impact on your score.
Limit the amount of credit cards you have. Less is more. The minimum open lines of credit to buy a home or rent an apartment is three, so there's no need to open ten. Also, a mortgage or car lease qualifies as a line of credit that can help your score by adding to the variety of credit types.
Remember your oldest credit card and the one with the least APR% are your best friends. Keep these open and pay them down. They contain your greatest credit history. If you close them all that history goes away and so does your good score.
Overall, if you just maintain low balances and limit your lines of credit you'll be on your way to a more admiral FICO score.
Tuesday, September 21, 2010
Sunday, August 22, 2010
What is a 203k loan?
"Due to the current structure of this home, it is deemed unsuitable for financing. Only cash offers or rehab loans accepted."
You may have heard this statement before. Usually after touring a home that was in really bad shape. Examples of major cases are foreclosures that were trashed, or the previous owners stopped right in the middle of their renovation.
If you're looking for a home in this market full of foreclosures and REOs, you might have noticed a lot of unsightly interiors. Sure, the outside may look nice, and the neighborhood may even be a highly desirable one. What happens when you found the location you want, but the inside is so bent out of shape that the bank deems it unsuitable for financing?
A 203k loan, or rehab loan, may save the day. These loans are structured in a way to help a buyer finance a home that is not "finished" or built up to code. It is basically an FHA loan where the repairs are started after the close of escrow. Escrow usually lasts 60+ days, giving buyers an extra few weeks to meet with construction companies for repair quotes to bring the home up to minimum FHA building standards. Once a buyer submits the best quote to their lender, that amount will be added to the loan after the close of escrow, and the rehab can begin.
If this seems like something you are interested in, find a good lender who specializes in 203k loans, and see if you can qualify for one.
You may have heard this statement before. Usually after touring a home that was in really bad shape. Examples of major cases are foreclosures that were trashed, or the previous owners stopped right in the middle of their renovation.
If you're looking for a home in this market full of foreclosures and REOs, you might have noticed a lot of unsightly interiors. Sure, the outside may look nice, and the neighborhood may even be a highly desirable one. What happens when you found the location you want, but the inside is so bent out of shape that the bank deems it unsuitable for financing?
A 203k loan, or rehab loan, may save the day. These loans are structured in a way to help a buyer finance a home that is not "finished" or built up to code. It is basically an FHA loan where the repairs are started after the close of escrow. Escrow usually lasts 60+ days, giving buyers an extra few weeks to meet with construction companies for repair quotes to bring the home up to minimum FHA building standards. Once a buyer submits the best quote to their lender, that amount will be added to the loan after the close of escrow, and the rehab can begin.
If this seems like something you are interested in, find a good lender who specializes in 203k loans, and see if you can qualify for one.
Saturday, August 7, 2010
Washington State Ranked #1 for Future Home Price Increase
According to a Yahoo Real Estate Article, Top 10 Housing Markets That Will Be Strongest by 2014, Washington State leads with number one in projected home price recovery.
By 2014, the Bremerton-Silverdale metro area will have the biggest home price increase. The four-year forecast projects home prices to rise by 44.7%. Tacoma trails Bremerton as the second strongest market with a rise of 33.1%. Following in third place is Seattle, which is expected to grow by 25.5%.
See the detailed story here
By 2014, the Bremerton-Silverdale metro area will have the biggest home price increase. The four-year forecast projects home prices to rise by 44.7%. Tacoma trails Bremerton as the second strongest market with a rise of 33.1%. Following in third place is Seattle, which is expected to grow by 25.5%.
See the detailed story here
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