Danger Signs your Finances are in Trouble

By
Mortgage and Lending with Prime Time Lending

As real estate prices continue to slide in greater Phoenix and the surrounding towns including Scottsdale, Fountain Hills, Peoria, Tempe, there has been a flurry of activity of an again emerging class of buyers, First-Time home buyers.danger signs of financial problems

Prices have fallen back into affordability levels. Interest rates are still historically very low. And with Federal legislation allowing incentives and exceptions in Fannie Mae and Freddie Mac financing,

...these buyers are who had been for many years, priced out of entry level housing are now the lone winner of they housing crisis sweepstakes.

However,

if you are in the market to buy a home using FHA financing, keep an eye out for  danger signs of your personal finances before you buy as financing and purchasing home using FHA loans is now more than ever credit score driven.

  • Know your FICO score and what it means
  • Review your credit report with a lender sooner than later
  • Report mistakes or outdated information
  • pay down debt
  • do not make an large purchases
  • Dont' fall for credit repair scams
  • Pay your bills on-time

these may be signs that your finances are in trouble.  If you find yourself ,

  • maxing out credit cards
  • paying late on debt
  • borrowing on cards to pay other cards
  • tapping into home equity to pay other debt
  • receiving notices that credit lines are being reduced
  • HELOC or credit card rates are  being increased

If this might be the case, I encourage you to address the situation sooner than later. And,...

...definitely do not add more debt and leverage and

don't purchase a home before your financial foundation is firmly on the ground.

____________________________________________________________________________

Copyright © 2008 James Wexler, All Rights Reserved. *Danger Signs that your Finances are in Trouble!*

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Comments (13)

Lori Franks
Real Estate Consultant - Brookings, OR
Brookings, Oregon

Hello Nicholas, I just stopped by to welcome you to ActiveRain and congrats on your very first post here. I can tell you have blogged before but I think you will find this community a great place to network!

Aug 07, 2008 05:06 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Nicholas - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here.  It is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

Aug 07, 2008 06:55 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

Welcome to the Activerain network.  Please do not hesitate to contact me at Credit Restoration Consultants should you or any of your credit challenged clients have any questions.

Aug 07, 2008 08:01 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

Welcome to the Activerain network.  Please do not hesitate to contact me at Credit Restoration Consultants should you or any of your credit challenged clients have any questions.

Aug 07, 2008 08:01 AM
Patricia Fisher
Keller Williams Realty - Spartanburg, SC

Welcome to Active Rain!  You will find this site to be very helpful in your career - there are numerous tips we are able to use in our careers! 

Aug 07, 2008 09:41 AM
Stefan Geyer
SOA Realty - Aurora, CO

Great information...and timely!  Welcome to Active Rain, I wish you the best.

Aug 07, 2008 01:39 PM
Bill Kennedy
Keller Williams Realty - Greenville, SC
Homes For Sale Greenville SC

I wanted to personally welcome you to active rain! This is a great community for learning, as well as sharing. Check out some blogs, join some groups, and enjoy! Perhaps we will learn something from one another!

Aug 07, 2008 02:42 PM
Ron Martin
Keller Williams Realty - Spartanburg, SC
Ron Martin Team

Good Morning, welcome to the active Rain. With as many members we have you shouldn't have a hard time networking your business. I'm looking forward to blogging with everyone to enhance our business  and receive referrals from each other.  I've enjoyed this site because it offers tons of information that all of us can learn from and have fun at the same time. Good luck and have fun.

 

Aug 08, 2008 12:34 AM
Nate Blankenship - Spartanburg, SC Realtor
Keller Williams Realty - Spartanburg, SC

Welcome to Active Rain! Thanks for a great post and I look forward reading more in the future. Have a great day!

Aug 08, 2008 02:34 AM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.  Have fun with it and hope to see more of your blogs soon!

Aug 08, 2008 05:35 AM
Connie Rice
Keller Williams Greenville Central - Simpsonville, SC
Connie Rice & Partners - Greenville, SC Real Estat

Welcome to the rain! You've joined a great place to network, make and meet new friends and discuss lots of interesting topics. I see you are already off to a great start! Stop by if you get a chance. I would love to hear your feedback on our thoughts! Well, have great time and ENJOY. Look forward to seeing you around.

Aug 08, 2008 02:17 PM
Crystal Corr
Keller Williams Greenville Central - Simpsonville, SC

Welcome to Active Rain. I hope you will enjoy it and learn from it as much as I do. Happy Blogging.

Aug 08, 2008 02:27 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in the year 2017!

Dec 30, 2016 09:38 PM