Raise Your FICO Score

Lead a horse to water, take a drink for them?

I am working on a number of refinances. Some are streamline

FHA refinances into lower rate, lower MI premium. Often

Borrowers choose a FHA loan product not just because of

the low down payment, but because their FICO score is

low or they have credit challenges.

For some reason credit habits are like any other habit-

drinking five glasses of water or closing your eyes to bills

when money is tight. Many of the customers who I fixed 

their credit now are back again in the same low score situation.

All credit can be repaired. It takes letter writing, juggling some

balances, making sure everything going forward is current and

some tips and tricks. I am again sharing with you tips on how to

get your FICO up:

Opt out - do a consumer credit opt out and stop all the

junk mail and soft credit pulls, also helps prevent fraud

Balances below 69% of available line

Ask me about a letter writing campaign for free

Get everyone current and pay on time.

DON'T close accounts

Do not ever give your social to CarMAx

Don't let people pull your credit file

Open a Bank Account Open a bank account and use it responsibly. This is the first step to establish a financial history. Secured Credit Card Apply for a credit card. Shop around & only apply for a card if you can meet the lender�s requirements. Responsible use will help build a good credit history. Get a Co-Signer A good way to establish credit is to piggy-back onto someone who already has a good credit history established and is willing to co-sign, but be aware that any default of credit on your part affects the credit of the co-signer. http://eaglehomemortgage.com/carolinegerardo C. G. Barbeau (949) 784- 9699 NMLS # 324982 Store & Gas Credit Cards Since some gasoline credit cards are not revolving they are sometimes easier to obtain than regular credit cards. Similarly department stores offer revolving credit for a specific purchase and this is sometimes easier to obtain. It is also a great way to establish credit.

Streamline FHA Spouse' Credit

Just a quick note to let you know we DO NOT have to pull credit on a non-borrowing spouse in a Community Property State on our Non-Credit-Qualifying FHA STREAMLINE REFINANCE loans.

Non borrowing spouse can have bad or weak credit

Mortgage After Short Sale

Conventional Loan after Short Sale

Fannie Mae is unlike FHA, VA, and USDA where they have different mortgage lending guidelines on getting a conventional loan after short sale and deed in lieu of foreclosure. The Federal Housing Administration, FHA, looks at foreclosure and short sale the same as a regular foreclosure and the waiting period after short sale, deed in lieu of foreclosure, foreclosure is all the same. FHA guidelines on waiting period after short sale, deed in lieu of foreclosure, foreclosure is all three years to qualify for a FHA Loan: Three year mandatory waiting period after the recorded date of a foreclosure and deed in lieu of foreclosure and three year waiting period after the date of the short sale. There is a two year waiting period to qualify for a FHA Loan after bankruptcy. The waiting period starts from the discharge date of the bankruptcy.

PRICKLY SUBJECT  - BUY A HOME AFTER THE CRASH

With Fannie Mae, there is a 7 year waiting period after foreclosure to qualify for a conventional loan. However, to qualify for a conventional loan after short sale or deed in lieu of foreclosure, the waiting period drops to a 4 year waiting period and only a 5% down payment is required. Unlike FHA, VA, USDA, short sale and deed in lieu of foreclosure is treated much differently with Fannie Mae and those who have a short sale or deed in lieu of foreclosure are greatly rewarded than those who have a standard foreclosure.

What happened to 2 year waiting period after short sale with 20% down payment to qualify for Conventional Loan?

If you Google ” Waiting Period to qualify for conventional loan after short sale or deed in lieu of foreclosure”, you will get dozens and dozens of articles the first few pages that highlights that there is a 2 year waiting period to qualify for a conventional loan with 20% down payment. Unfortunately, all of those articles are now not accurate because Google has not updated the correct information or updated blogs from mortgage writers and bloggers. Just this past August, 2014, Fannie Mae has eliminated the 2 year waiting period after short sale and/or deed in lieu of foreclosure to qualify for a conventional loan with 20% down. Many home buyers who were nearing the 2 year waiting period mark after short sale or deed in lieu of foreclosure or trying to save the 20% down payment were just absolutely devastated since Fannie Mae came up with new mortgage lending guidelines on waiting periods after short sale and deed in lieu of foreclosure to qualify for a conventional loan.

FANNIE MAE Guidelines on waiting period after short sale, deed in lieu of foreclosure, foreclosure, bankruptcy

2015 FANNIE MAE guidelines with regards to waiting periods after short sale, deed in lieu of foreclosure, foreclosure, and bankruptcy to qualify for a conventional loan.

WAITING PERIOD AFTER SHORT SALE AND DEED IN LIEU OF FORECLOSURE TO QUALIFY FOR CONVENTIONAL LOAN: 

There is a 4 year mandatory waiting period after short sale and foreclosure to qualify for a conventional loan with 5% down payment and re-established credit after the short sale or deed in lieu of foreclosure with no late payments in the past 12 months. Most mortgage lenders do not want to see any late payments after the short sale or deed in lieu of foreclosure.

WAITING PERIOD AFTER FORECLOSURE: There is a mandatory waiting period of 7 years after foreclosure to qualify for a conventional loan from the recorded date of foreclosure with re-established credit after foreclosure and no late payments in the past 12 months. Most mortgage lenders have investor overlays that require no late payments after the foreclosure.

WAITING PERIOD AFTER BANKRUPTCY TO QUALIFY FOR CONVENTIONAL LOAN: There is a 4 year mandatory waiting period after bankruptcy to qualify for a conventional loan with re-established credit and no late payments in the past 12 months. Most mortgage lenders will have investor overlays where no late payments after bankruptcy will be necessary.

MORTGAGE PART OF BANKRUPTCY: If you had a mortgage part of your bankruptcy or foreclosure part of bankruptcy, there is a 4 year waiting period to qualify for a conventional loan with re-established credit and no late payments in the past 12 months. Many mortgage lenders will have internal mortgage lender overlays where they will require no late payments after your bankruptcy.

Laguna Niguel Home Market

• Median List Price
  $749,000
  1% ( $10,000) vs Nov 2013
• Median Sales Price
  $710,000
  3% ( $22,000) vs Nov 2013
• Median Foreclosure Sales Price
  $595,000
  5% ( $28,500) vs Nov 2013

• Foreclosures	158
  Homes for Sale	373
  Recently Sold	514

Market Summary Foreclosures for Laguna Niguel

 California

There are currently 158 properties in 92677 that are in some stage of foreclosure 

(default, auction or bank owned) while the number of homes listed for sale is 373.

In December 2014, the number of properties that received a foreclosure filing in 92677 was 31% higher than the previous month and 40% higher than the same time last year.

Home sales for November 2014 were down 61% compared with the previous month, and down 47% compared with a year ago. 

Median sales price of a non-distressed home was $710,000. The median sales price of a foreclosure home was $595,000, or 16% lower than non-distressed home sales.

Numbers of new listings for non foreclosures greatly slowed in December and January with buyers still looking for product, but little on the market. This is typical from Christmas until the Superbowl but we should be seeing increasing new listings in Laguna Niguel, Laguna Beach, Dana Point and the surrounds - but not yet...

Sales Prices - 92677

Mortgage RATES hit historic lows

With rates in the high 3's we should

see the market increase in the spring

I expect the values to increase, sellers

again listing houses high but buyers

getting in where they can