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First time home buyers: Determine how much debt can you afford Take a realistic look at how much future income you anticipate to have and how many expenses you expect to incur. Remember, the lender will tell you how much you are qualified to borrow, not necessarily how much you can afford. Only you know how much you can comfortably handle, what your other expenses are, how much you need to save and what kind of lifestyle you wish to maintain. Lenders use the monthly payment on a property to determine a borrower’s qualifications. The payment includes principal, interest, property [&hellip

Understanding the credit score system The best-known and most widely used credit score model in the United States is the Fair Isaac Corporation (FICO) score and is calculated statistically with information from a consumer’s credit files. It provides a snapshot of risk that banks and other institutions use to help make lending decisions. Applicants with higher FICO scores may be offered better interest rates on mortgage or automobile loans. Visit annualcreditreport.com. This is the only authorized online source for totally free credit reports. By federal law, you are entitled to a free credit report once every 12 months. This site [&hellip

FHA home loan after a bankruptcy Federal Housing Administration (FHA) does make home loans after a bankruptcy. That is the good news. The bad news or conditions are a waiting period and establishment of a good credit history after bankruptcy. The Federal Housing Administration home loans insurance programs contains a required waiting period for new FHA home loans after filing bankruptcy. Although bankruptcy is not rare anymore, it still carries a consequence with credit intuition. This stigma leads many who declare bankruptcy to give up and lose hope for home ownership. But recovering from bankruptcy and qualifying to buy a [&hellip

Why Short Sale a house in Sacramento? Selling a house with a short sale in Sacramento is no easy thing. There are many questions. But are there any benefits to short selling a house? Selling Your House For Cash In Sacramento – Our Cash For Houses Program Debt Forgiveness is one of the biggest benefits of a short sale. If the short sale is approved then loan balance usually has the remaining debt forgiven. This amount of debt forgiveness could be a few thousand dollars or over a hundred thousand dollars. The credit impact of a short sale is much [&hellip

The Benefits of being pre-qualified for a home mortgage in the Sacramento real estate market. The Sacramento real estate market is a very competitive location to buy a home. The benefits of being pre-qualified for a home mortgage is you have a good idea where to look for a home. But first let’s look at the term pre-qualified. Pre-qualified for a mortgage means that loan specialist has taken a general look at your income and expenses and plugged them in to a debt-to-income ratio formula. Loan pre-qualification does not include an analysis of your credit report or an in-depth look [&hellip

What are the key questions when looking for a home mortgage in Sacramento? What is the interest rate on the mortgage note? This is the interest rate at which you will borrow the money for your home loan. This is different than the annual percentage rate (APR). The APR includes the cost of getting the loan into its calculations the APR rate. Will I have to pay discount and or origination points? Many lenders charge prepaid mortgage interest points to lower your interest rate. Find out how many you’ll be expected to pay and if there are any other points [&hellip