With the economy down, blood is in the water for some debt negotiation companies.  I see the ads on tv saying that you can cut your credit card debt in half.  I would be wary.  I'm sure that there are some good firms out there but many jump in with the pull of quick and easy money from desparate people.  Before you sign up with any company check them out first.  Just a quick Google search will go a long way in most cases.

Going to court to get something settled can not only be draining on your wallet but also on your being.  If you are having a conflict with a real estate transaction, you may want to talk to a mediator first befor an attorney.  Mediation can not only resolve issues faster but it can save you on your wallet as well.  Mediation is a way to resolve conflict in an efficient manner.  In mediation both sides work together rather than against each other.

Mediation is one of the fastest growing alternatives to going to court.  Some courts even require that parties go to mediation before litigation.

Arizona Mediation

What do you need to know to buy your first home?

• knowledge of the homebuying process
• knowledge of terminology
• Credit scores above 620
• Cash for closing costs and down payment
• education of down payment assistance programs in your area
• Full time employment
• Knowledge of mortgage programs

For your first time in the market I would definately seek out the services of a professional.  A bad real estate transaction will stay with you a long time.

FHA mortgages will soon be a lot better for home buyers and first time home buyers.  Hud and FHA plan on giving buyers an $8000 bridge loan that they can use now to buy a home rather than wait to get their refunds.  Not all of the details have been outlined yet.

FHA tax credit program

When is comes to improving your credit scores there is a lot of bad information out there.  The reality is that it only takes a little common sense and it will go a long way towards improving your credit. 

• Don't buy what you can't afford
• Don't go over 30% of your available credit on your credit card
• Don't cancel old credit cards.  If you do, your credit history goes out the window
• Don't get too many credit cards
• Be mindful of what credit cards you are getting.  Department store credit cards lower the quality of your credit mix

How to raise your bad credit score

The more you understand your fico score, the better you will be able to navigate the mortgage marketplace.  It is important that you understand your credit scores as well as your credit history.  There is more than one type of mortgage loan.  Your fico credit score will dictate what programs you will be eligible for.  Typically the higher your credit score is, the better interest rate you will get.

Different Types of Mortgage Loan Programs For First Time Home Buyers.

    * getting the best mortgage interest rate
    * First Time Home Loan Buyer Programs
    * Down Payment Assistance
    * Home Path Mortgage Program
    * FHA Mortgage loans, great for first time home buyers and buyers with low credit scores

Most Consumers Want to Know the Following about Credit Scores

    * How to improve your fico score
    * What factors impact your credit score
    * How to recover from bankruptcy or foreclosure
    * Credit Restoration

For more information about credit scores talk to your mortgage professional.

Fico Scoring

Take advantage of the 2009 American Recovery and Reinvestment Act of 2009.  You can now get a $8000 tax credit just for buying a new home.  That's dollar for dollar against your federal income tax returns.  You must be a first time home buyer to be eligible for the program.  The home must be your primary residence as well.  The home you buy must be from someone that is not related to you.

8000 tax credit information

10000 California home buyer tax credit

Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket.  A tax credit is a dollar for dollar decrease in the amount of tax that you owe. The Obama $8000 tax credit is dollar for dollar off of your income taxes.

A tax deduction will reduce the amount of your income that is taxable by the IRS or the state.  It is not dollar for dollar like a tax credit.

Read More

Pennsylvania Tax Credit

A HomePath Mortgage may be a better mortgage than an FHA mortgage.  A HomePath Mortgage mortgage loan only requires 3% down whereas an FHA mortgage loan can require up to 3.5% down.  There is no Private Mortgage Insurance on a Home Path Mortgage.  An FHA mortgage has mortgage insurance as well as a 1.5% funding fee up front ouch.  There is no appraisal required for a HomePath loan.

Home Path mortgage information

The American Recovery and Reinvestment Act of 2009 that President Obama passed provides many home improvement tax credit for people that do energy effient improvements to their home.

How to Qualify for Energy Efficient Home Improvement Tax Credits.  You must purchase and install the energy efficient items between 1/1/2009 and 12/31/2010.

Read More