first time home buyers credit: 5 Ways to Improve Your Credit Score to get the Best Interest Rate - 02/24/14 06:41 AM
Good credit scores give you access to more than just today's lowest mortgage rates -- they give you access to today's best loan programs, too.
There are countless credit reporting companies. Your home loan lender will be using the Big 3 -- Equifax, Experian and TransUnion.
Related: Do you know how many credit scores you have? Each of the bureaus sells more than one "credit score" product and, for consumers on their respective websites, it can be a challenge to know exactly which "score" to review.
For home buyers, your home loan lender will be using the following scores:
For Equifax, … (0 comments)

first time home buyers credit: If I do a "credit freeze" how will it affect buying my next home? - 01/28/14 05:44 AM
As most of you know, I work in the mortgage industry. And with all the publicity given the recent data breach at Target and many other retailers, I've been asked a buncha (it's a word) times lately what to do about it, and should they do a credit freeze.
Please understand that I know exactly how fearful identity theft can make us. Been there, suffered that. Read my next post, comment, pm me if you have personal questions, and take the precautions I outline.
I hate to be the bearer of bad news regarding Credit Freezing (the latest spin to … (4 comments)

first time home buyers credit: Buying a home in 2014? 3 New Year's resolutions you should be working on now - 01/06/14 05:45 AM
If buying a home in 2014 is on your list of New Year’s resolutions then here are three things you should be doing now to make sure that when you look back on 2014 you’ll be doing it from the living room of YOUR own home.
1. Save or find money for down payment January will see the implementation of the Qualified Mortgage (QM) rules and “ability to repay” (ATR) is the cornerstone of QM. The more “skin in the game” you have the higher your ATR rating will be.
If you are a Veteran there are still zero down payment … (0 comments)

first time home buyers credit: Why Higher Credit Scores Take Longer to Recover - 01/03/14 02:56 AM
If you're a home buyer who has seen their credit scores drop due to a foreclosure, bankruptcy or short sale, here's an explanation why your credit scores are taking longer to recover.
Thanks to my business partners at Dedicated Credit Repair for providing the explanation.
Question:  I am confused about your recent article about a person who did a short sale and questioned its effect on her credit. You said that if she started with a score of 680, it would take about three years for her FICO numbers to return to normal. You then said, “If your scores were high, say 780, it … (0 comments)

first time home buyers credit: 4 Mortgage Changes in 2014 Home Buyers Need to Know - 12/19/13 05:42 AM
The new year is almost upon us and the mortgage industry will be experiencing a number of changes that will affect home buyers and how they are approved for their home loan.
Since 2009 the housing industry has been working to establish standards that will minimize the risk of another housing bubble. The changes for 2014 are an example how mortgage professionals are taking extra caution with each customer.
4 Mortgage Changes in 2014 You Need to Know Ability to Repay - The Consumer Finance Protection Bureau (CFPB) established ATR as the “gold standard” to insure every borrower is a qualified borrower. … (2 comments)

first time home buyers credit: Just in time for Christmas..FHA makes home buying a little easier - 12/12/13 03:22 AM
This may come as a surprise for many first time home buyers but The Federal Housing Administration (FHA) has relaxed some of its underwriting guidelines to help make 2014 your year of homeownership.
These changes apply to loans that are “manually underwritten”. A manual underwrite occurs when a borrower’s debt to income ratios exceed 31/43.
Related: FHA loans with a 580 credit score Among the announced changes were:
For borrowers with credit scores above 580 (reduced from 620 previously), FHA will allow maximum housing/debt ratios of 37 and 47 percent To qualify for the higher ratios the borrower must have “verified and … (0 comments)

first time home buyers credit: First Time Home Buyers get an FHA loan with a 580 credit score - 12/11/13 06:24 AM
First time home buyers who are worried their credit might not be good enough to qualify for a home loan, we have a solution.
Most lenders will tell you that in order to get an FHA loan, you need a credit score of at least 620 to 640. That’s not the FHA’s rule. That’s the lender’s rule. In the mortgage business that’s referred to as an “overlay”. Overlays vary from lender to lender, so shop around and find a lender whose overlays match your credit profile.
Related: How do I get approved for a first time home buyer loan? As a direct … (2 comments)

first time home buyers credit: Fannie Mae now allows gift funds on 5% down payment home loans - 12/09/13 04:29 AM
The number one obstacle between first time home buyers and homeownership is usually lack of funds for a down payment.
Since 1934 FHA has allowed qualified home buyers to receive gift funds from a relative. friend. Fannie Mae on the other hand has required that to qualify for a guaranteed loan, the home buyer had to have some “skin in the game”  a investment of at least 5% of their own funds. After the initial 5%, gift funds from qualified family members were allowed.
Related: How do I qualify for a home loan? If you talk to most lenders today you’re liable … (0 comments)

first time home buyers credit: Pre-Qual letter - GOOD...Pre-Approval - EXCELLENT! - 11/26/13 06:39 AM
How do I pre-qualify for a home loan? Here are two ways to find out -- one "good" way and one "excellent" way.The good way is via pre-qualification. The excellent way is via pre-approval.
Here's what you need to know about both.
Pre-qualification the “good choice” Getting pre-qualified for a mortgage is a quick and easy process. Via phone, email or internet, your lender will ask you for some basic information and -- based on what you share -- you can know whether you might qualify for a mortgage.
Personal information - Full name, Social Security Number, Date of Birth, Current … (0 comments)

first time home buyers credit: 10 Things Not to Do While your Home Loan is in Process - 10/16/13 02:55 AM
Congratulations!  You’ve been pre-approved for your home loan, you found the right home at the right price with the right terms and you’re ready to really get on the road to homeownership.
The road to homeownership has just begun for you and to keep you on course here are 10 Things NOT TO DO while your home loan is in process.
Don't quit your job or decide you’d like to be an entrepreneur
Don't decide you’d like to become a high paid commission salesperson
Don't buy a new car or trade-up to a bigger lease
Don’t decide to furnish or decorate your new home before you own it.
(2 comments)

first time home buyers credit: Good Faith Estimate - Know Before you Owe - 10/04/13 04:00 AM
Without question one of the most important documents you will see as part of your first time home buyer loan is the Good Faith Estimate of Closing Costs. Its purpose is to give you a clear picture of what you’ll be signing up for and to help you compare different lender’s costs.
  “KNOW BEFORE YOU OWE” The Good Faith Estimate, or GFE can also be very confusing to a first time home buyer. This post and the two to follow will break down the various sections of this three page document to give you a clearer picture of what it … (8 comments)

first time home buyers credit: What is the measure of a good lender? - 10/04/13 03:47 AM
Conventional wisdom says that in order to compare lenders when shopping for a home loan, you should consider their programs, interest rates, fees and service, but are those really the true measure of a good home loan lender?
What are the most important criteria when selecting a lender? Shouldn’t the measure of your mortgage lender be: How often do they successfully do what you hired them for or how many loan applications do they decline each month?
Related: Good Faith Estimate - Know Before you Owe According to data released this month by the Federal Financial Institutions Examination Council, Home-buyer rejection rates ranged … (0 comments)

first time home buyers credit: First Time Home Buyers Credit - How much is too much? - 10/01/13 04:21 AM
Getting a good credit score is important. Maintaining it is too. Here's some advice from my business partners at Dedicated Credit Repair to help you maintain your credit scores at a level that will make you credit worthy in the eyes of your first time home buyer lender.
Credit: How Much is Too Much? If you have many lines of credit or several huge debts, lenders may consider you a credit risk.  Even if you are making payments on time, lenders will look at your open trade lines and make an assessment. They will  know that you may have a harder time paying … (0 comments)

first time home buyers credit: Are free credit reports really free? - 09/04/13 03:19 AM
“When you’re offered something free, you usually get what you pay for” and Free Credit Reports are no exception. Most consumers think if they want to pull their credit scores, they should go directly to the three major reporting agencies; TransUnion, Experian, and Equifax or one of the many “free credit report” sites.
Related: Your 49 different credit scores
Unfortunately, these sites  DO NOT give you a “true FICO report”.  The FICO score was created by Fair Isaac Corporation and is copywritten. So they’ve created “copycat” versions that use different mathematical equations. The result? You will be seeing a score very different … (3 comments)

first time home buyers credit: Do you know how inquiries affect your credit score? - 08/23/13 04:44 AM
An examination of your credit history is the first step in getting a first time home buyer loan. Every time your credit is reviewed an inquiry is generated and each inquiry may impact your credit score. The truth about credit inquiries and your credit score Related: The right and wrong way to shop for a first time home buyer loan
How much does a credit inquiry affect my credit score?
I’m a big believer in going to the experts when someone asks me a question that’s out of my field of expertise.
So I asked my business partners for some help. The … (2 comments)

first time home buyers credit: There's a right way and a wrong way to shop for a home loan? - 05/20/13 07:59 AM
All home buyers are encouraged to shop for a mortgage. Finding the right home loan program with competitive interest rates and fees is an integral part of your home buying decision. BUT!
There’s a right way and a wrong way to shop for your home loan. For home buyers, to shop the “right way” it’s important to understand how this shopping impacts your credit score. You can’t shop for a first time home buyer loan without having your credit reviewed. Credit is one of the six vital bits of information your lender needs to accurately quote interest rates and fees. Without … (0 comments)

first time home buyers credit: Buy a home with no money down after bankruptcy, foreclosure or short sale - 04/08/13 07:55 AM
If you’re a first time home buyer who experienced a significant derogatory credit event during the past recession, you may be wondering if buying your first home with USDA’s Zero Money Down Program is even possible?
What is a Significant Derogatory Credit Event? While many things can cause your credit to suffer a major hit. The 5 most significant events that lenders consider are: Foreclosure - Home was given back to the bank - no owner participation
Short Sale - Home sold but sales price less than amount owed
Deed in Lieu of Foreclosure - Home returned to lender in exchange … (0 comments)

first time home buyers credit: Cash Sales are King in California - 02/12/13 06:34 AM
California Sees Record Number of Cash-Purchased Homes in 2012 Cash sales are definitely king in  California as the number of homes purchased with cash reached an all-time high in 2012,  as the mortgage environment kept other interested buyers out, according to DataQuick, a real estate information service.
That conclusion is a perfect example of the media using data to support their own conclusions. The mortgage environment did not keep “other interested buyers” out, the cash sales kept “other interested buyers” out.(IMHO)
Percentage-wise, cash purchases accounted for a record 32.4 percent of California’s overall home sales last year, up from 30.4 percent … (4 comments)

first time home buyers credit: What are your options for improving your credit score? - 02/10/13 02:24 AM
Your credit score is a major piece to the first time home buyer loan puzzle. Do you know what your options are when it comes to fixing items on your credit report?
According to recently released data, the credit bureaus are only correct about 65% of the time. That means that up to 35% of the items reported on your credit report are accurate.
What are your options? As you will see in this video, you can either Dispute, Negotiate or Wait. Linda Ferrari will explain all three options to help you with this decision. Each may have an impact on … (4 comments)

first time home buyers credit: The Best Rent v Buy Calculator for First Time Home Buyers - 10/04/12 08:49 AM
Are you a first time home buyer whose brain is cluttered with all the data and opinions being offered to help you decide if now is the right time to buy your first home?
If you ask a Realtor, they'll tell you "It's a great time to buy real estate". Your landlord or apartment manager will counter: "Why buy when renting is cheaper?"
More: Buying is 45% cheaper than Renting
And they're both right! They also have a vested interest, so their opinions could hardly be considered unbiased.
According to the September 2012 Trulia Price Monitor and Trulia Rent Monitor, which … (6 comments)

 
Greg Cook, Mortgage Consultant NMLS ID# 283159 (Platinum Home Mortgage)

Greg Cook

Mortgage Consultant NMLS ID# 283159

Temecula, CA

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Platinum Home Mortgage

Address: 27290 Madison Ave, Suite 104, Temecula, CA, 92590

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