Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get prequalified or preapproved for mortgages. Be aware of the following steps you can take for some speedy credit repair to gain lender approval and the best possible rates, especially if you are wanting to consider purchasing a home:

Credit Card Wisdom
-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

-Always leave a 30% or higher gap between what you owe on the card and the card´s limit. Lenders look for this minimum gap.

-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.

-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the "gap" it wants to see.

-Do not ask a creditor to lower credit limits or close out your card account.  Keep the account open.  

-Generally, carrying smaller balances on several cards is better than one large balance on one card.

-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.

-Never make a late payment on credit cards or any loan.

Protesting Items

-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as "paid as agreed," if you paid on time and in full.

-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).

-Focus first on the larger, newer negatives listed on the report.

It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else´s.

This is certainly not an all-inclusive list of the steps that can be taken to improve a credit score, but it is a great start if you are wanting to focus on your scores and debt-to-income ratio.

* Not sure what your credit scores are?
* How do you calculate debt-to-income ratio?

If you would like to know more or wanting some assistance with your credit repair, just give me a call 469-556-3231


 

AWESOME LOAN

USDA RURAL DEVELOPMENT HOME LOAN GUIDELINES

Applicant Qualifications

? Household income cannot exceed the moderate-income level, 115% of the National Median Income Please call for rates in your area.

? Qualifying repayment ratios: 29-41%.

? US citizen or legally admitted for permanent residence.

? Personally occupying the home.

? Complete a Home Buyer education program.

Loan Terms

? 100% loan financing.

? No down payment required.  - ZERO down payment!

? No mortgage insurance. - ZERO mortgage insurance premium

? One-time guarantee fee: 3.5% of loan amount on purchased homes; 2.25% of loan amount on refi-nances.

? 30-year loan term, first mortgage is required.

? Real estate taxes and hazard insurance premium will be escrowed by the lender.

? Maximum sales price and/or loan amount: Based on the applicant´s income and loan repayment ability. Proposed payment should be comparable to past monthly rental expenditure.

? Site value cannot exceed 30% of the property´s appraised value.

? In-ground swimming pool possible-required a waiver approval by Rural Development.

? Interest rates for loan will be fixed.

Eligible Areas

? Can be made in rural areas, which include open country and communities up to 10,000 population, plus communities that are not part of a Metropolitan Statistical Area with population up to 20,000. www.eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do for rate information

TEXAS VET LOANS

Requirements:

• Must be the veterans primary residence

• Must be located in Texas

• Must be a single family attached or detached home, town home,

condo or planned unit development

• Duplexes or other multi-family units must have been constructed

at least five years prior to the closing date of the loan

• All new construction homes must meet the EPA guidelines for

Energy Star® qualified homes, and must be ENERGY STAR®

labeled and certified

Please check the following website for weekly rates:

wwwdb.glo.state.tx.us/vlb/general/interest.cfm
 

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RELOCATING ??? 

Cindy Ellis can assist with that too! 

What STATE are you moving to?  

Cynthia will find you the Professional Real Agent if you are moving to another State or City for your Real Estate needs.  She knows the Questions, Certifications, Designations, Experience and Skills needed to get you where you want to be!

Cynthia is the 2010 Immediate Past President, 2009 President, and 2008 President Elect for Dallas Metro East Women's Council of Realtors.  She has traveled to many states in the United States networking and meeting with other agents all over the United States. 

Cynthia has confidence the Real Estate Agents she knows who will pay close attention to every detail that is necessary to ensure that you have a smooth closing on buying or selling your home. 

Just call the Cynthia West Ellis for more information and details with any questions you may have.

469-556-3231 Direct

If you just gotta go somewhere else besides the Lone Star State of Texas, she can help you with that move too, just give her a call : 469-556-3231

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