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Showing posts from April, 2014

Dreaming of Owning a Home? Becoming Move-Up Homebuyers? Don't Be Afraid!

 Dreaming of Owning a Home? Becoming Move-Up Homebuyers? 
Don't Be Afraid!

Two articles I read recently addressed the issue of potential home buyers' fears of rejection as it pertains to mortgage financing.  Each article, also spoke about the many misconceptions the public has that contribute to their fears.

The statistics quoted in these articles (per a national consumer survey by loanDepot LLC) were somewhat distressing for me as a Mortgage Lender

The most alarming were:

Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgageMore than half (56%) of all buyers who don’t currently own a home, but want to, indicated they’re not pursuing homeownership because they fear they won’t qualify for a loanOf those who want to buy a home but haven’t tried to because they think they won’t qualify, 53% think today’s qualification environment is tougher than last year.
And finally ...


Driver Safety Course for Manhattan & New Lenox Mature Drivers Scheduled for May 5th, 2014

Driver Safety Course for Manhattan & New Lenox  Mature Drivers Scheduled for May 5th, 2014 

     Mature drivers from the local Lincoln-Way Communities of Manhattan and New Lenox are being offered an opportunity to participate in a "Driver Safety Course" made available through their community's police departments in conjunction with AARP.  
     This "Driver Safety Course" is being held at the New Lenox Village Hall located at 1 Veterans Park Way on May 5th and 6th, 2014, between the hours of 9 am to 1 pm.  The course will be offered in the Village Hall's Community Room.
This beneficial course will cover: License Renewal RequirementsDriving Laws and RegulationsDriving SkillsLocal Driving Issues and Problems
     Savings, discounts, and auto insurance premium reductions may be available for mature drivers that have successfully completed this course.

To Register for this beneficial Driver Safety Course, or to ask questions, contact Officer Aurena Davis at the N…

What are the Requirements to Qualify for a Home Loan Today?

What are the Requirements to Qualify  for a Home Loan Today?    

Frequently I hear the question ...

"What are the requirements to qualify for a home loan today"?

To answer that, I'm first going to list what are considered as foundation requirements for current mortgage loans.  When I say "foundation", I mean that they are the basic requirements that must typically be met by those seeking financing.  

The most basic and frequently seen requirements (the foundation of most mortgage approvals) are as follows:

 Credit:MiddleFICOScores are used to determine eligibility.  MOST standards are:

Conventional:620 FICO Score or higher
FHA:640 FICO Score or higher.  In some cases, the scores utilized can be as low as 580 to 640 
VA: 620 FICO Score or higher.  Again, in some cases I have options from 580 to 620 FICO Score available for Veterans
USDA: 620 FICO Score or higher

Employment/Income: *Stable, sustainable employment needed.  Usually a minimum of a 2-Year job history require…

Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed

Just Like Your Underwear:  Credit Needs to be Freshened-Up, Scrubbed,  Updated, Fluffed & Changed 

Everythingneeds to be "freshened up" once in a while ...  

It needs to be given a trim.  Updated.  Fluffed.  Scrubbed-up.  Changed or re-arranged.

Credit is no different ...  

But stop and think about it.  When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report?  Over a year?  Two?  More?

Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now ...  
 Interest Rates on your credit cards may have risen   Promotional rates may have fallen off  Rewards that initially drew you to a specific card, may   have lapsed. The credit card company may have updated or dropped the benefits you liked from your card 
It happens all the time ... 

And your mortgage rate?  The one you might have thought you were tied to forever?  It may actually deserve a second-look.  Interest rates are still unbel…