(My Original Blog Post: http://www.minnesotainvestors.com/blog/looking-for-housingrentrent-to-owncontract-for-deedhome-loan/)
FUTURE
A: Looking for housing
1. Looking to Rent
1st month's rent + deposit, available date to move-in, monthly rent, min bedrooms, cities, housing type
2. Looking for a Rent to Own
1st month's rent + option money 3%+, available date to move-in, monthly rent, min bedrooms, cities, housing type
3. Looking for a Contract for Deed
5% down minimum, 10%+ encouraged, available date to move-in, monthly payment, cities, housing type Often you can refinance into a loan after 12 months of on-time payments
4. Looking for a Home Loan
LOAN PROGRAMS:
-FHA
-FHA 203K (For rehabbers, provides extra repair money)
-VA
-Conventional
-HomePath (Owner Occupied and Investment - can have up to 10 invest properties!!)
-Manufactured and Modular Homes
-Rural Development
*Alternate Credit Sources*
-580+ credit Score
-12 month's into chapter 13
-2 years from ch 7 discharge
-3 yrs from Sheriff's Sale
-12 month's Verifiable Rent (cancelled checks or Verification Form from managment Company
-Insurance Bill - letter from Agent of 12 month's on time payments
-Utilities - letter from Company of 12 month's on time payments
*580+ Mid Credit Score*
*580+ Mid Credit Score*
580-619 Guidelines:
-12 month's Verifiable Rent Payments - On time
-3.50% of Purchase Price in Seasoned Funds (must be in your bank account, 60 days+)
-2 Open Trade Lines (active accounts) on your credit bureau reports
Pre-Approval Checklist
Employment
____ Name, address and phone number of employers for the past two years
____ Copy of pay stubs for the previous 30 days
____ Copy of last 3 years w-2/1099 forms
____ Copy of last 3 years complete federal tax returns with all Schedules)
Self-employed
____ Copy of last two years tax returns (personal and corporate);
____ year to date P&L and Balance Sheet through the most recent quarter, must be certified by Accountant/CPA
Liabilities
____ Name and account numbers for all revolving and installment accounts
____ Name and account number for all mortgage loans for the previous two years
____ Name and address for landlords for the previous 3 years
Assets
____ Name, address, and account number for all bank accounts
____ Name, address, and account numbers for all brokerage accounts
____ Copies of statements covering last 3 months on asset accounts
____ Copy of most recent statement for 401K, Savings Plan, etc.
Miscellaneous
____ Copy of driver's license and social security card
____ Copy of fully executed divorce decree if applicable
____ Copy of fully executed child support court order if applicable
____ Copy of signed earnest money contract
____ Copy of lease agreements on rental properties. must have 2 year history reflected on Taxes to use Rental/Border income
____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it, if not need Company Clerk contact info
____ Check for the cost of your credit report and appraisal
CONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Friday, April 30, 2010
Minnesota places for rent: homes, town houses, condos, apartments
(My Original Blog Post: http://ping.fm/Uv7Q7)
When renting a home in Minnesota, there are a few things to consider:
1. What city do you want to move to in mn
2. Are you choosing the city based on your job, or the school your kids are in
3. Do you have someone to help you move into your place
4. Many landlords have you move-in on the 1st or the 15th of the month
5. It's standard to pay 1st month's rent up front
6. It's standard to pay a security deposit
7. It's not uncommon to pay 2 months security deposit
8. Many apartments offer discounts on deposits
9. Many landlords are first time landlords just learning the business
10. Rent to own is an upgrade to renting and requires option money
11. Available properties include houses, townhouses, condos, duplex, apartments, etc.
12. Many renters are approved through the state or through section 8
13. Emergency Assistance is a great place to find money for a deposit
14. Renters will likely sign a lease before moving in to the home
15. Often a landlord will file an eviction within 7 days or later after past due rent
16. Places are for rent all over the twin cities, cities and suburbs
17. Your walls and carpet should look clean before moving in
18. It's important to see if the landlord is in foreclosure before moving in
19. It's a good idea to get a receipt after each payment
20. It's a good idea to get a CRP-Certificate of Rent's Paid in for annual tax rebates
21. You should contact your landlord when things need fixing, it's in his/her best interest
22. Sometimes the landlord does the property management themselves, other times he/she hires one.
23. Many landlords would love you to stay for years, until the sell the house someday
24. Many landlords may need you to allow for showings if they are selling the house
25. In today's market I see people rent out a property until it sells, keeping it on the market
26. Some landlords come to the door to collect rent, most prefer to be mailed rent
27. If you are going to be a few days late on rent, call your landlord just to let him/her know
28. Most landlords will include associate dues into the rent in those cases of condos and townhomes
29. Most rental houses should be in good condition and clean
30. buying a home these days can often be cheaper monthly and upfront over renting
31. renters can find places through craigslist or the newspaper
Homes, Townhouses, Condos, Apartments,
A.Homes generally are built from 1880 to brand new
I find that St. Paul and Minneapolis have the oldest often older than 1950's.
most suburb homes will be 1970's, or newer, with the suburbs gas, transpertation,
and shopping is often a factor.
B.Many of the older homes in Minneapolis and St. Paul are duplexes, triplexes, and apartments
C:I think most renters will prefer newer homes in the suburbs, if transpertation is
a problem, or you work downtown, living in the cities may make more sense.
D: Home Types
Split Level-These are common with twin homes, usually you walk in and go down or up
4 level-Usually a good size house
2 story-Often a 1800+ square foot house
ranch-these often have a basement and 1 level, ideal for those who don't like stairs
A: Often townhouses are part of an association and are connected with others.
Sometimes you see:
Row Houses
Townhouse development or subdivision, where outside or inside unit may be desirable
Quad homes often 2 in the front, and 2 facing the back, sharing walls
Usually where two seperate residents share a wall and garage wall.
A.Typically condos are part of associations and their are usually inexpensive
condos and very high-end luxury condos. Association fees can be $200-$400/month easily.
What they include will differ, some trash, water, and some utilities, plus lawn.
As a general rule you'll find more apartment buildings in Minneapolis and St. Paul
also you are going to find them in what's called "buffer zones" which means
closer to commercial and retail places vs. in the middle of a residential neigborhood.
0-3 bedroom is your common size for an apartment. 0 bedrooms is called a studio.
standard size is typically 500 to 1200 sq ft depending on the bedrooms. When you start
getting around 1500 sq ft+ it's usually a luxury condo, or a very big old duplex or triplex.
Questions a landlord may ask:
Check your credit history
Do a background check
May want to know if you have criminal record
See if you have a job
Find out how much gross monthly income you make now
See how long you've been on your job
See how many adults will be living in the house
See who will be on the lease
See if you are a smoker
May or may not accept pets
Utilities:
Many landlords will have the renter pay utilities and bills including:
Electric
Gas
Trash
Water
Cable, etc
In some cases in Minneapolis or other cities, the landlord may have to pay
trash or some with the house as the owner, check with your local city.
Also it's common for programs like Section 8 to offer both a rent based on:
utilities included
utilities not included
As a landlord that doesn't include these items in rent
The landlord will be keeping a close eye on:
water consumption
how often windows are left open
the temperature the house needs to be at
As long as the landlord and renter treat each other fairly everyone should be happy
and it should be a long lasting friendship.
The #1 complaint a renter will have is that the landlord fixes items and in a timely matter
The #1 complaint a landlord will have is getting rent on time, and without a hassle
Good luck with your next place,
http://ping.fm/6EOu1
Real Estate Broker
MinnesotaInvestors.com, Inc.
Minnesota for Rent
When renting a home in Minnesota, there are a few things to consider:
1. What city do you want to move to in mn
2. Are you choosing the city based on your job, or the school your kids are in
3. Do you have someone to help you move into your place
4. Many landlords have you move-in on the 1st or the 15th of the month
5. It's standard to pay 1st month's rent up front
6. It's standard to pay a security deposit
7. It's not uncommon to pay 2 months security deposit
8. Many apartments offer discounts on deposits
9. Many landlords are first time landlords just learning the business
10. Rent to own is an upgrade to renting and requires option money
11. Available properties include houses, townhouses, condos, duplex, apartments, etc.
12. Many renters are approved through the state or through section 8
13. Emergency Assistance is a great place to find money for a deposit
14. Renters will likely sign a lease before moving in to the home
15. Often a landlord will file an eviction within 7 days or later after past due rent
16. Places are for rent all over the twin cities, cities and suburbs
17. Your walls and carpet should look clean before moving in
18. It's important to see if the landlord is in foreclosure before moving in
19. It's a good idea to get a receipt after each payment
20. It's a good idea to get a CRP-Certificate of Rent's Paid in for annual tax rebates
21. You should contact your landlord when things need fixing, it's in his/her best interest
22. Sometimes the landlord does the property management themselves, other times he/she hires one.
23. Many landlords would love you to stay for years, until the sell the house someday
24. Many landlords may need you to allow for showings if they are selling the house
25. In today's market I see people rent out a property until it sells, keeping it on the market
26. Some landlords come to the door to collect rent, most prefer to be mailed rent
27. If you are going to be a few days late on rent, call your landlord just to let him/her know
28. Most landlords will include associate dues into the rent in those cases of condos and townhomes
29. Most rental houses should be in good condition and clean
30. buying a home these days can often be cheaper monthly and upfront over renting
31. renters can find places through craigslist or the newspaper
Homes, Townhouses, Condos, Apartments,
Twin Homes, Quad Homes, Row Houses:
Homes:
A.Homes generally are built from 1880 to brand new
I find that St. Paul and Minneapolis have the oldest often older than 1950's.
most suburb homes will be 1970's, or newer, with the suburbs gas, transpertation,
and shopping is often a factor.
B.Many of the older homes in Minneapolis and St. Paul are duplexes, triplexes, and apartments
C:I think most renters will prefer newer homes in the suburbs, if transpertation is
a problem, or you work downtown, living in the cities may make more sense.
D: Home Types
Split Level-These are common with twin homes, usually you walk in and go down or up
4 level-Usually a good size house
2 story-Often a 1800+ square foot house
ranch-these often have a basement and 1 level, ideal for those who don't like stairs
Townhouses:
A: Often townhouses are part of an association and are connected with others.
Sometimes you see:
Row Houses
Townhouse development or subdivision, where outside or inside unit may be desirable
Quad homes often 2 in the front, and 2 facing the back, sharing walls
Twinhomes:
Usually where two seperate residents share a wall and garage wall.
Condos:
A.Typically condos are part of associations and their are usually inexpensive
condos and very high-end luxury condos. Association fees can be $200-$400/month easily.
What they include will differ, some trash, water, and some utilities, plus lawn.
Apartments:
As a general rule you'll find more apartment buildings in Minneapolis and St. Paul
also you are going to find them in what's called "buffer zones" which means
closer to commercial and retail places vs. in the middle of a residential neigborhood.
0-3 bedroom is your common size for an apartment. 0 bedrooms is called a studio.
standard size is typically 500 to 1200 sq ft depending on the bedrooms. When you start
getting around 1500 sq ft+ it's usually a luxury condo, or a very big old duplex or triplex.
Questions a landlord may ask:
Check your credit history
Do a background check
May want to know if you have criminal record
See if you have a job
Find out how much gross monthly income you make now
See how long you've been on your job
See how many adults will be living in the house
See who will be on the lease
See if you are a smoker
May or may not accept pets
Utilities:
Many landlords will have the renter pay utilities and bills including:
Electric
Gas
Trash
Water
Cable, etc
In some cases in Minneapolis or other cities, the landlord may have to pay
trash or some with the house as the owner, check with your local city.
Also it's common for programs like Section 8 to offer both a rent based on:
utilities included
utilities not included
As a landlord that doesn't include these items in rent
The landlord will be keeping a close eye on:
water consumption
how often windows are left open
the temperature the house needs to be at
As long as the landlord and renter treat each other fairly everyone should be happy
and it should be a long lasting friendship.
The #1 complaint a renter will have is that the landlord fixes items and in a timely matter
The #1 complaint a landlord will have is getting rent on time, and without a hassle
Good luck with your next place,
http://ping.fm/6EOu1
Real Estate Broker
MinnesotaInvestors.com, Inc.
Tuesday, April 27, 2010
Job and source of income for home loans
(My Original Blog Post: http://www.minnesotainvestors.com/blog/job-and-source-of-income-for-home-loans/)
C: Job-Income Source
In order to qualify for a loan, the bank will require that you have a source of income
(Most landlords to rent, rent to own, or sell on a contract for deed will require income)
1. Part-Time job-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))
2. Spouse's income-(If they are going to be on the new loan)
3. Significant other's income-(If they are going to be on the new loan)
4. Social Security (need award letter or proof of deposit into bank (statement))
5. State/Government monthly money-(Need award letter or proof of deposit into bank (statement))
6. Structured settlement-(Need court order and proof of payments being made (cancelled checks, transfers))
7. Allowance/Gifts from parents/relatives-(Gift Funds are acceptable to FHA, but need income stream as well)
8. Part-Time self-employed hobby income-(Need minimum of 2 years Tax Returns to verify)
9. EBay Business - (Will need 2 years Tax Returns to verify)
10. Flea Market, Farmers Market - (Will need 2 years Tax Returns to verify)
11. Paper Route- (Will need 2 years Tax Returns to verify)
12. Non Occupant Co-Borrower's income for FHA
13. 1099 income- (Will need 2 years of income to verify)
HTML clipboard
CONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
C: Job-Income Source
In order to qualify for a loan, the bank will require that you have a source of income
(Most landlords to rent, rent to own, or sell on a contract for deed will require income)
1. Part-Time job-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))
2. Spouse's income-(If they are going to be on the new loan)
3. Significant other's income-(If they are going to be on the new loan)
4. Social Security (need award letter or proof of deposit into bank (statement))
5. State/Government monthly money-(Need award letter or proof of deposit into bank (statement))
6. Structured settlement-(Need court order and proof of payments being made (cancelled checks, transfers))
7. Allowance/Gifts from parents/relatives-(Gift Funds are acceptable to FHA, but need income stream as well)
8. Part-Time self-employed hobby income-(Need minimum of 2 years Tax Returns to verify)
9. EBay Business - (Will need 2 years Tax Returns to verify)
10. Flea Market, Farmers Market - (Will need 2 years Tax Returns to verify)
11. Paper Route- (Will need 2 years Tax Returns to verify)
12. Non Occupant Co-Borrower's income for FHA
13. 1099 income- (Will need 2 years of income to verify)
HTML clipboard
CONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Sunday, April 25, 2010
Money for Down Payment and Loans
(My Original Blog Post: http://www.minnesotainvestors.com/blog/money-for-down-payment-and-loans/)
B: Money Available
(Available for home loans only for a limited time until the money runs out)
-Ramsey County Down Payment
-Down Payment Assistance Crystal
-Brooklyn Center Grant Programs
-Anoka County Down Payment
-55106 Zip Code
-Greater MN Housing Fund
-Central MN Housing Fund
-East Edina
-Minneapolis Advantage
-55411 Zip Code Neighborhood Program
-MN Grant Assistance Programs
-Home Help Guidelines
-Grant Programs (Over 30+)
-MN Housing; MMP, CASA, HOMEHELP
-HUD $100 Down
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
B: Money Available
(Available for home loans only for a limited time until the money runs out)
-Ramsey County Down Payment
-Down Payment Assistance Crystal
-Brooklyn Center Grant Programs
-Anoka County Down Payment
-55106 Zip Code
-Greater MN Housing Fund
-Central MN Housing Fund
-East Edina
-Minneapolis Advantage
-55411 Zip Code Neighborhood Program
-MN Grant Assistance Programs
-Home Help Guidelines
-Grant Programs (Over 30+)
-MN Housing; MMP, CASA, HOMEHELP
-HUD $100 Down
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Friday, April 23, 2010
Credit Score and Tips how to Improve it
(My Original Blog Post: http://www.minnesotainvestors.com/blog/credit-score-and-tips-how-to-improve-it/)
PRESENT
A: Credit Score
Credit Score:
35 percent - An individual's history of making credit payments on time
30 percent - The total amount of debt being carried along with available credit
15 percent - The age of an individual's open credit lines (more history is better)
10 percent - The frequency with which someone applies for new credit
10 percent - Types of credit lines
3 Steps to rebuild your credit score today:
A.Earn extra cash
B.Deposit cash on new secured credit cards, make payments on time
C.Deposit cash at local banks into a CD, take out a loan on the CD, make payments on time
3 Steps towards credit score repair management
A.Manage the bills and pay them off
B.Negotiate collections/judgments with creditors
C.Test for Chapter 7 and file for Bankruptcy
3 Negative credit effects when left unpaid
A.Levy-the creditors will take money from your bank accounts without notice(Bank accounts with your SS# attached)
B.Lien-Liens will be put on your home or property. MN has a $300,000 homestead exemption currently in 2010.
C.Garnish your wages-25% of your wages garnished from your check is likely with a successful judgment.
Improve your Credit Score:
Do-It Yourself items:
Don't EVER be late-One 30 day late on a bill could cause your score to drop 100-140 points
Get Secured Credit Cards your payments will create a positive payment history
Evenly distribute the balances over all credit cards (Goal: Balances under 20% preferred on all, then 30%, then 50%, then 70%)
Never Max Out Credit Cards (Goal: Balances under 20% preferred on all, then 30%, then 50%, then 70%)
Establish Various Types of Credit, mortgage, car loan, credit card account
Don't close unused credit account (You could be closing down long-term credit history)
More available credit-higher limits on your credit cards lower utilized/available ratio
Limit Credit Inquiries
Don't Open Too Many Accounts within a Short Period
Get a Savings or Checking Account (don't overdraft)
Avoid Consolidating Debts or Balance Transfers (May continue as rolling late payments for years)
Watch high balance credit reporting cards-some credit card companies report your current balance as the high balance looking maxed out
Improve your Credit Score:
Hire a Credit Expert items:
Negotiate Charge-offs and liens, less effected after 24months. Recent negotiating can lower your score, so do after a loan
Negotiate old collections and judgments-Recent negotiating can lower your score, so do after a loan
Open business credit cards, they don't show up on personal credit unless you are late
Bankruptcy will initially hurt your credit
Ask Creditor to Delete a 30-Day Late Item
Have your name added as an authorized user to someone else with great credit, less effective then before
Dissolve Joint Accounts after a Divorce
CREDIT SCORE AFFECTS DAILY LIFE:
-You may now be able to qualify for a home loan and buy that home you've always wanted
-If you plan on getting a home loan, a higher credit score offers you more choices maybe a lower rate
-You can qualify to get credit cards
-Many of the credit cards you qualify for will likely offer lower interest rates
-You may save money on your Auto Insurance, as it's often tied into credit rating
-Better interest rates, cheaper payments help you to have better and more affordable options
-You may be able to get a auto loan, instead of a life of expensive car repairs
-You may be able to open up bank accounts you couldn't before
-You may be able to open up investment accounts that you couldn't before
-Many employers check credit, this may help you get a job or a better one
-You may not be forced to have high interest rate department store credit cards
-You may be able to get a credit line increase
-You may be able to get a home equity line of credit
-It may help you to get a cell phone service instead of month to month, or pre-pay minutes
-It may help you to get cable TV or direct TV, without a huge deposit
-You may be able to get a new electric company service without a huge deposit
-You may be able to get a college loan, get a career and make more money
-Us negotiating your credit card payoffs may save you thousands of dollars
-We can use advanced techniques to save you from wage garnishment
-We can help the banks from calling, we can help from non stop collections
-We can help negotiate lower high interest rates
-We can help eliminate some late fees
-We can help with penalties
-We can help avoid or minimize the impact of liens
-We can help avoid bank levies
-We can help avoid or minimize the impact of judgments
-We can help delay your foreclosure, so that you can get back on your feet
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
PRESENT
A: Credit Score
Credit Score:
35 percent - An individual's history of making credit payments on time
30 percent - The total amount of debt being carried along with available credit
15 percent - The age of an individual's open credit lines (more history is better)
10 percent - The frequency with which someone applies for new credit
10 percent - Types of credit lines
3 Steps to rebuild your credit score today:
A.Earn extra cash
B.Deposit cash on new secured credit cards, make payments on time
C.Deposit cash at local banks into a CD, take out a loan on the CD, make payments on time
3 Steps towards credit score repair management
A.Manage the bills and pay them off
B.Negotiate collections/judgments with creditors
C.Test for Chapter 7 and file for Bankruptcy
3 Negative credit effects when left unpaid
A.Levy-the creditors will take money from your bank accounts without notice(Bank accounts with your SS# attached)
B.Lien-Liens will be put on your home or property. MN has a $300,000 homestead exemption currently in 2010.
C.Garnish your wages-25% of your wages garnished from your check is likely with a successful judgment.
Improve your Credit Score:
Do-It Yourself items:
Don't EVER be late-One 30 day late on a bill could cause your score to drop 100-140 points
Get Secured Credit Cards your payments will create a positive payment history
Evenly distribute the balances over all credit cards (Goal: Balances under 20% preferred on all, then 30%, then 50%, then 70%)
Never Max Out Credit Cards (Goal: Balances under 20% preferred on all, then 30%, then 50%, then 70%)
Establish Various Types of Credit, mortgage, car loan, credit card account
Don't close unused credit account (You could be closing down long-term credit history)
More available credit-higher limits on your credit cards lower utilized/available ratio
Limit Credit Inquiries
Don't Open Too Many Accounts within a Short Period
Get a Savings or Checking Account (don't overdraft)
Avoid Consolidating Debts or Balance Transfers (May continue as rolling late payments for years)
Watch high balance credit reporting cards-some credit card companies report your current balance as the high balance looking maxed out
Improve your Credit Score:
Hire a Credit Expert items:
Negotiate Charge-offs and liens, less effected after 24months. Recent negotiating can lower your score, so do after a loan
Negotiate old collections and judgments-Recent negotiating can lower your score, so do after a loan
Open business credit cards, they don't show up on personal credit unless you are late
Bankruptcy will initially hurt your credit
Ask Creditor to Delete a 30-Day Late Item
Have your name added as an authorized user to someone else with great credit, less effective then before
Dissolve Joint Accounts after a Divorce
CREDIT SCORE AFFECTS DAILY LIFE:
-You may now be able to qualify for a home loan and buy that home you've always wanted
-If you plan on getting a home loan, a higher credit score offers you more choices maybe a lower rate
-You can qualify to get credit cards
-Many of the credit cards you qualify for will likely offer lower interest rates
-You may save money on your Auto Insurance, as it's often tied into credit rating
-Better interest rates, cheaper payments help you to have better and more affordable options
-You may be able to get a auto loan, instead of a life of expensive car repairs
-You may be able to open up bank accounts you couldn't before
-You may be able to open up investment accounts that you couldn't before
-Many employers check credit, this may help you get a job or a better one
-You may not be forced to have high interest rate department store credit cards
-You may be able to get a credit line increase
-You may be able to get a home equity line of credit
-It may help you to get a cell phone service instead of month to month, or pre-pay minutes
-It may help you to get cable TV or direct TV, without a huge deposit
-You may be able to get a new electric company service without a huge deposit
-You may be able to get a college loan, get a career and make more money
-Us negotiating your credit card payoffs may save you thousands of dollars
-We can use advanced techniques to save you from wage garnishment
-We can help the banks from calling, we can help from non stop collections
-We can help negotiate lower high interest rates
-We can help eliminate some late fees
-We can help with penalties
-We can help avoid or minimize the impact of liens
-We can help avoid bank levies
-We can help avoid or minimize the impact of judgments
-We can help delay your foreclosure, so that you can get back on your feet
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Wednesday, April 21, 2010
Money Seasoning and Job Timelines Home Loans
(My Original Blog Post: http://ping.fm/Cc9aN)
This will important as to how long you need to have a job and your money before you can be pre-approved for a long. Please check our other posts for related topics.
B: Money Seasoned
HOME LOAN PROGRAMS:
-FHA-Sourced funds only, can have gifts funds or grant funds if qualifies
-FHA 203K (For rehabbers)
-VA-no seasoning requirements
-Conventional
-HomePath (Owner Occupied and Investment - can have up to 10 invest properties!!) No current seasoning, sourced
-Manufactured and Modular Homes 60+ day seasoned funds
-Rural Development sourced funds
*Alternate Credit Sources* no seasoning requirements currently
*580+ Mid Credit Score* 60+ day seasoned funds, must have 3 open trade lines with a 12 month history
C: Job-Income Timeline
For home loans-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
This will important as to how long you need to have a job and your money before you can be pre-approved for a long. Please check our other posts for related topics.
B: Money Seasoned
HOME LOAN PROGRAMS:
-FHA-Sourced funds only, can have gifts funds or grant funds if qualifies
-FHA 203K (For rehabbers)
-VA-no seasoning requirements
-Conventional
-HomePath (Owner Occupied and Investment - can have up to 10 invest properties!!) No current seasoning, sourced
-Manufactured and Modular Homes 60+ day seasoned funds
-Rural Development sourced funds
*Alternate Credit Sources* no seasoning requirements currently
*580+ Mid Credit Score* 60+ day seasoned funds, must have 3 open trade lines with a 12 month history
C: Job-Income Timeline
For home loans-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))
HTML clipboardCONTACT ME:
Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Monday, April 19, 2010
Past Credit History and Loan Requirements
(My Original Blog Post: http://www.minnesotainvestors.com/blog/past-credit-history-loan-requirement/)
PAST
A: Credit History
CREDIT REPORT:
Items recommended to remove off of your credit:
Collections
Foreclosures
Inquiries
Charge-Offs
Late Payments
Public Records
Tax Liens
Bankruptcies
Judgments
Repossessions
CREDIT HISTORY:
REQUIREMENTS FOR A HOME LOAN:
-Chapter 13 BANKRUPTCY:
There must be 12 consecutive months of on time payments on all accounts
(including utilities, cell phones,etc) from the filing of the chapter 13
bankruptcy.
-Chapter 7 BANKRUPTCY:
There must be 24 months of perfect credit from the
disposition of a Chapter 7 bankruptcy.
-FORECLOSURE: (FOREX PROGRAM)
Extenuating Circumstances for financing 1 year out of foreclosure
The FHA Underwriters have the ability to manually
underwrite the file and get an "exception" if there are extenuating circumstances (ie Medical, Death,
multiple job loss). Buyers would need to write out a very detailed explanation of exactly what
happened, and will need to submit supporting docs (legal, medical, etc). Each File will be
reviewed by UnderWriting to determine if the circumstances warrant "Extenuating". If so, they will grant Pre-Approval.
*3 Years since last foreclosure if you don't qualify for above
*2 Years since short sale with Fannie Mae
CREDIT NEGATIVE PUBLIC ITEMS:
Tax Liens- Must be on a repayment plan with a written verification letter from State, or the
Federal Government
Back Child Support -Must be current, or being repaid through wage-garnishment
Judgments -Must be paid in full, prior to final approval, sourced or gift on funds
Collections-Will review each one individually, a determination is based on individual circumstances
Bad Checks-Must be paid in full prior to Pre-Approval for those on the credit report
CONTACT ME:
Email subscribers- Go to any of these
sites, to get info by email: RonOrr.com,
RenterLeads.com ,
RentToOwnBuyers.com ,
Contract4Deed.com ,
HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com,
OverFinanced.com,
BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone:
763-634-1766-These calls will be answered by a loan officer and a buyer's
agent
Please answer
these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
PAST
A: Credit History
CREDIT REPORT:
Items recommended to remove off of your credit:
Collections
Foreclosures
Inquiries
Charge-Offs
Late Payments
Public Records
Tax Liens
Bankruptcies
Judgments
Repossessions
CREDIT HISTORY:
REQUIREMENTS FOR A HOME LOAN:
-Chapter 13 BANKRUPTCY:
There must be 12 consecutive months of on time payments on all accounts
(including utilities, cell phones,etc) from the filing of the chapter 13
bankruptcy.
-Chapter 7 BANKRUPTCY:
There must be 24 months of perfect credit from the
disposition of a Chapter 7 bankruptcy.
-FORECLOSURE: (FOREX PROGRAM)
Extenuating Circumstances for financing 1 year out of foreclosure
The FHA Underwriters have the ability to manually
underwrite the file and get an "exception" if there are extenuating circumstances (ie Medical, Death,
multiple job loss). Buyers would need to write out a very detailed explanation of exactly what
happened, and will need to submit supporting docs (legal, medical, etc). Each File will be
reviewed by UnderWriting to determine if the circumstances warrant "Extenuating". If so, they will grant Pre-Approval.
*3 Years since last foreclosure if you don't qualify for above
*2 Years since short sale with Fannie Mae
CREDIT NEGATIVE PUBLIC ITEMS:
Tax Liens- Must be on a repayment plan with a written verification letter from State, or the
Federal Government
Back Child Support -Must be current, or being repaid through wage-garnishment
Judgments -Must be paid in full, prior to final approval, sourced or gift on funds
Collections-Will review each one individually, a determination is based on individual circumstances
Bad Checks-Must be paid in full prior to Pre-Approval for those on the credit report
CONTACT ME:
Email subscribers- Go to any of these
sites, to get info by email: RonOrr.com,
RenterLeads.com ,
RentToOwnBuyers.com ,
Contract4Deed.com ,
HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com,
OverFinanced.com,
BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone:
763-634-1766-These calls will be answered by a loan officer and a buyer's
agent
Please answer
these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Saturday, April 17, 2010
Credit, Available Money, Job-Income Source
(My Original Blog Post: http://ping.fm/FbgN9)
In this posting I will outline the 3 main things that you will need to focus on When you are looking for a house, staying in a house or leaving a house. It will be credit, income, and money. There are follow up blogs to this outline. For descriptions on each I highly recommend getting them through the email list at http://www.ronorr.com , but you can follow other posts on the blog.
3
things to focus on:
CREDIT
AVAILABLE MONEY
JOB-INCOME SOURCE
3
timeframes to focus on:
PAST
A: Credit History
B: Money Seasoned
C: Job-Income Timeline
PRESENT
A: Credit Score
B: Money Available
C: Job-Income Source
FUTURE
A: Looking for housing
B: Staying in your house
C: Leaving your house
CONTACT ME:Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com ,RentToOwnBuyers.com ,Contract4Deed.com ,HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com,OverFinanced.com,BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
In this posting I will outline the 3 main things that you will need to focus on When you are looking for a house, staying in a house or leaving a house. It will be credit, income, and money. There are follow up blogs to this outline. For descriptions on each I highly recommend getting them through the email list at http://www.ronorr.com , but you can follow other posts on the blog.
3
things to focus on:
CREDIT
AVAILABLE MONEY
JOB-INCOME SOURCE
3
timeframes to focus on:
PAST
A: Credit History
B: Money Seasoned
C: Job-Income Timeline
PRESENT
A: Credit Score
B: Money Available
C: Job-Income Source
FUTURE
A: Looking for housing
B: Staying in your house
C: Leaving your house
CONTACT ME:Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com ,RentToOwnBuyers.com ,Contract4Deed.com ,HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com,OverFinanced.com,BankOwnedForeclosure.com
Scenario's can be emailed to: ron@minnesotainvestors.com
Phone: 763-634-1766-These calls will be answered by a loan officer and a buyer's agent
Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date
Thursday, April 15, 2010
250+ Cash,PayDay,Loans,Unsecured,Credit Cards
(My Original Blog Post: http://www.minnesotainvestors.com/blog/250-cashpaydayloansunsecuredcredit-cards/)
If you have been wondering where to go to go online to get quick cash advance, a payday loan, unsecured loans, credit cards, or easy money, I've put together a directory of the best places to get money. Please give me feedback on which lenders do the best job, there are fax and non fax lenders below. You will find direct, you'll find deposit, checks, and best of all many are instant. We also understand that unsecured business credit loans are popular so we added those as well. On the list are companies that will work with bad, fair, average and good credit people. Whether you are using it for a small business, or need it for consolidating your loans, these offers are ready for you.
As far as credit card services and applications, we find that most all cards will fit into the following category: low interest, balance transfer, rewards, cash back credit cards, airline mile, instant approval, pre-paid or debit cards, credit cards specializing in bad credit, secured credit cards, student credit cards, business credit cards, 0% APR, gas cards, and department cards.
This list was created because we have a lot of people that follow my Minnesota Real Estate email list and they are always looking for more money to buy a rent to own, or contract for deed, and sometimes home financing. If you are interested in a home, please make sure you are on my Minnesota real estate list located at http://www.ronorr.com
If you have been wondering where to go to go online to get quick cash advance, a payday loan, unsecured loans, credit cards, or easy money, I've put together a directory of the best places to get money. Please give me feedback on which lenders do the best job, there are fax and non fax lenders below. You will find direct, you'll find deposit, checks, and best of all many are instant. We also understand that unsecured business credit loans are popular so we added those as well. On the list are companies that will work with bad, fair, average and good credit people. Whether you are using it for a small business, or need it for consolidating your loans, these offers are ready for you.
As far as credit card services and applications, we find that most all cards will fit into the following category: low interest, balance transfer, rewards, cash back credit cards, airline mile, instant approval, pre-paid or debit cards, credit cards specializing in bad credit, secured credit cards, student credit cards, business credit cards, 0% APR, gas cards, and department cards.
This list was created because we have a lot of people that follow my Minnesota Real Estate email list and they are always looking for more money to buy a rent to own, or contract for deed, and sometimes home financing. If you are interested in a home, please make sure you are on my Minnesota real estate list located at http://www.ronorr.com
| 1-Hour-Cash.com |
| 2apply4aloan.com |
| 500fastcash.com |
| 5StarPaydayLoan.com |
| 60minutecash.com |
| 90dayadvances.com |
| Aaapaydaycash.com |
| Acecashexpress.com |
| Actionpaydayloans.com |
| AdvanceAmerica.net |
| Afsloansonline.com |
| Allbanks.org/paydayloans.php |
| AmericanExpress.com |
| Americaoneunsecured.com |
| AmOne.com |
| Apexpaydayloans.com |
| Applyngo.com |
| AutoCashUSA.com |
| Autopawn.com |
| AvantisFinancial.com |
| Azcashngo.com |
| Badcreditoffers.com |
| Badcreditloanservices.com |
| Badcreditunsecuredpersonalloans.com |
| Bankrate.com/credit-cards.aspx |
| Beneficial.com |
| Bigcashadvance.com |
| BigLender.com |
| BusinessAdvanceNow.com |
| CapitalOne Personal Loans |
| Cardratings.com/database |
| Cashadvance.com |
| Cash-advances-in-1-hour.com |
| Cashadvancealliance.com/ |
| Cashadvanceplanet.com/ |
| Cashamerica.com |
| CashCall.com |
| CashCorner.com |
| CashFlowExperts.biz-Business Credit |
| Cashloan.org |
| Cashloans.pro |
| Cashnetusa.com |
| Cashnowaz.com |
| CashTilPay.com |
| Cashtree.com |
| Checkcity.com |
| Checkintocash.com |
| Checkngo.com |
| Choicepersonalloans.com |
| CitiFinancial.com |
| Credit.com for bad credit |
| Credit.com student cards |
| Credit.com gas cards |
| Credit.com pre-paid and debit |
| Credit.com cards for no credit |
| Credit.com low APR cards |
| Credit.com secured cards |
| Credit.com rewards |
| Credit.com balance ransfer |
| Creditcardguide.com |
| CreditCards.com-Low Interest Rates |
| CreditCards.com Balance Transfer |
| CreditCards.com Rewards |
| CreditCards.com cash back creditcard |
| CreditCards.com Airline Miles |
| CreditCards.com Instant Approval |
| CreditCards.com pre-paid-debit |
| CreditCards.com for bad credit |
| CreditCards.com student credit |
| CreditCards.com business credit |
| CreditCards.com 0% APR |
| Creditcard321.com Top 50 |
| Commercebank.com/personal/loans/personal-loans.asp |
| Commissionexpress.com |
| Creditfederal.com |
| Creditloan.com |
| Debtreliefusa.org |
| Directlendingsolutions.com |
| DiscountAdvances.com |
| DiscoverCard.com |
| Easyfastcashloans.com/ |
| Easyonlinepaydayloan.com |
| Ecommissions.com |
| Elastic.com |
| Eloanpersonal.com |
| Ezpaydaycash.com |
| Ezunsecured.com |
| Fast-Advance.net |
| FastApprovalPayday.com |
| Fastcash.org |
| Fastdepositloans.com |
| Fastforwardapp.com |
| Fastwirecash.com |
| Firstamericacredit.com |
| Firstliberty-alliance.net |
| Freedomfinancialnetwork.com |
| Gimmiesomecash.com |
| GoSupremePaydayLoans.com |
| GreatLoansForBadCredit.com |
| HelloLocal.com |
| HFC.com |
| Horizoncashadvance.com |
| Idealpaydayloans.com |
| Inmyloans.com |
| LendingClub.com |
| Libertypaydaylending.com |
| Libertyunsecured.com |
| Lightspeedpayday.com |
| Loan-in-1-hour.com |
| MagnumCashAdvance.com |
| Mastercard.com |
| Mga.org |
| MoneyMutual.com |
| Moneynowusa.com |
| Mycashnow.com |
| Mypaydayloan.com |
| MyPaydayLoanCash.com |
| Nationalpayday.com |
| Nationalunsecured.com |
| Nationwideunsecured.com |
| Online-micro-loans.com |
| Ontimepaydayloan.com |
| Pacificadvance.com |
| Pay1Day.com |
| PaydayAdvance-Loan.Com |
| PaydayCashLoanMinneapolisMN.com |
| Paydayloan2me.com |
| Paydayloanaffiliate.com |
| Paydayloandraw.com |
| PayDayLoansLeader.com |
| Paydayloansmania.com |
| Paydayloansrus.net |
| Paydaymax.com |
| Paydayone.com |
| PeachtreeFinancial.com |
| Personalcashadvance.com |
| Personalcreditservices.com |
| Preferredpaydayloans.com |
| Quickcashadvanceonline.com |
| Quickpaydaycashadvance.net |
| Realcommissions.com |
| SameDayLoan.com |
| Snappayday.com |
| Snappymoney.com |
| Soniccash.com |
| Speedycash.com |
| Spotya.com |
| Successlendinggroup.org |
| Suddenpayday.com |
| Thepaydayamerica.com |
| Theviploanshop.com |
| ThinkCash.com |
| TitleandPayDayLoans.com |
| Titlecash.com |
| TitleMax.biz |
| Turbotitleloan.com |
| Unsecuredloanservices.com |
| Urgentcashloan.com |
| UsaCashIn1Hour.com |
| Usainstantpayday.com |
| Visa.com |
| Visionloanreferrals.com |
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