New Debts Can Affect Your Mortgage Terms Fannie and Freddie (feel like I know them on first name terms) have recently strengthened their requirements for credit transparency. These guidelines can affect the terms of the mortgage you ultimately get. First, they are now requiring lenders to not only check your current credit report. They are … [Read more...]
Long Beach CA: First Time Home Buyers Assistance
October 29, 2011 By Leave a Comment
Search For Long Beach CA Properties Here Long Beach CA NSP2 First Time Home Buyers Assistance And the NSP2 Neighborhood Stabilization Program By Fred Sweezer Sr., Home Inspector, 562-234-2689 As a Long Beach CA first-time homebuyer, you may qualify for a second silent mortgage loan of up to $97,000 through NSP2. The program is … [Read more...]
Long Beach CA: Ten Risks of Buying With A Lease Option
October 19, 2011 By Leave a Comment
Lease Option Purchase Risks What Is Buying With A Lease Option in Long Beach, CA? When you buy with a lease option you are putting down a security deposit and undertaking to buy the property when you can get the mortgage. The purchase price and the date by which you will buy are set in the contract. A portion of the rent is usually credited … [Read more...]
Long Beach CA: New Credit and Your Mortgage Terms
October 19, 2011 By Leave a Comment
Before you searched for you look for you for Long Beach CA home you were likely pre-approved by a lender. Then after you found the home you sent them the address and the contract to purchase. From here everything should be routine. Right? Not necessarily. Fannie Mae and Freddie Mac have recently strengthened their requirements for credit … [Read more...]
Will Closing Credit Card Accounts Make It Easier To Get A Mortgage In Long Beach CA?
October 16, 2011 By Leave a Comment
Q. I have about seven credit cards with a total credit available of about $49,000. None of them has any balance. If I close half the accounts. will it make it easier for me to buy a home in Long Beach CA? A: Closing your credit card accounts will hurt not help your credit score. One of the criteria in calculating your FICO is how much … [Read more...]
Buying a Home in Long Beach, CA After Bankruptcy
August 28, 2011 By Leave a Comment
Q. I filed for bankruptcy 9 years ago and it will show on my credit report for another 8 months. I want to buy a home in Long Beach, CA. Should I start looking now or wait eight months. I have been on time on all my payments since then. A. All the negative impact of the bankruptcy should pretty much have been erased by now. So, it should no … [Read more...]
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