5 Factors That Decide Your Credit Score

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

1. For more on evaluating and understanding your credit score, visit www.myfico.com

USDA Grants Aim to Improve Rural Living

The U.S. Department of Agriculture is taking steps to improve the quality of life in rural areas, which often lack access to modern amenities such as high-speed Internet, affordable electricity, and clean water supplies.



The USDA is extending funding to help reduce energy costs for residents who live in remote rural areas.



"These grants will help home and business owners offset rising energy costs by financing energy efficiency and power generation improvements to deliver energy in a more cost-effective and environmentally appropriate way," says Agriculture Secretary Tom Vilsack.



Many of the communities that will be using the grants to improve energy efficiency are in Alaska.



Source: “Rural Initiatives,” Realty Times
 
 
 

Emily Lee

call/text 606-499-7836

www.HarrogateTnHomes.com

w/The Realty Group II

broker:423-869-5111



TAX CREDIT!!!!!!

Just a reminder to anyone interested in the first-time homebuyers tax credit or the current homeowners tax credit you must have a contract by April 30!!!!!

call me with any of your real estate needs!

EMILY LEE
606-499-7836

http://www.harrogatetnhomes.com/
http://www.emilyleerealty.com/

REALTY GROUP II
423-869-5111

Current Home Owners! Info on Tax Credit

Who Qualifies for the Extended Credit?



•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.


To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.


Which Properties Are Eligible?


The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.






How Much Is Available?


The maximum allowable credit for first-time home buyers is $8,000.






The maximum allowable credit for current homeowners is $6,500.






How is a Buyer's Credit Amount Determined?


Each home buyer’s tax credit is determined by two additional factors:






1.The price of the home.


2.The buyer's income.


Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.






Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.






These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.






If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?


Yes, some buyers may still be eligible for the credit.






The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.






Can a Buyer Still Qualify If He/She Closes After April 30, 2010?


Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.






Will the Tax Credit Need to Be Repaid?


No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


to read full article please click HERE.
Source Realtor.com

EmilyLeeRealty.com

.

7 Tips for First Time Home Buyers

1. Look up local listings to see what price range houses are going for. Follow this link to Realtor.com.



2. Check to see if you can afford a monthly payment by using a mortgage calculator. Follow this link to a mortgage calculator.



3. To see if you can afford this mortgage payment use an affordability calculator. Follow this link to an affordability calculator.



4. Find a buyers agent to represent you. You will need help you through your home search, the ins and outs of finding something in your budget that suits your needs, going through the offer, inspection and closing steps that are involved. If you don't get a buyers agent to represent you the agent is automatically working for the seller.



5. Get pre-approved!!! Never start out your search not knowing if you can even get a loan or not, this will also make your offer to a seller more appealing.



6. Start saving!!! The more earnest money you can put down on a contract the more serious your offer will seem to a seller.



7. Ask about title insurance fees, survey charges, escrow fees, and loan origination fees, all of this may be due at closing so it’s good to know ahead of time what you’ll be paying for.

5 Common First Time Home Buyer Mistakes

First time home buyers, more commonly known as “property virgins”, are characterized for having unrealistic expectations on buying real estate.

They want everything for a next to nothing price.

The average first time home buyers are ages 24-34 and this is the first real investment they have ever made.

Now with the market leaning more in their favor, opening the door to many who 3 years ago could never have afforded a home, they face a new struggle of competing against investors on getting that great deal on a house.

Investors have spent more time researching the market, have more money to put down and don't take as long to make a decision on to buy or not to buy.

Below I have attached a list of the 5 most common mistakes first time home buyers make, provided by Real Estate Checklists and Systems.

To help you avoid making a "property virgin" mistake call a local Realtor.
To contact me: e-mail EmilyLeeRealty@yahoo.com or call 606-499-7836


5 Common First Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the home buying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems

Click here to visit my personal website

Measuring The Benefits Of Home Ownership

Thinking about getting into Home Ownership???? Now is the best time to jump into this lifelong investment! With the first time homeowner’s tax credit of $8,000 and the market back on the rise…. all waiting around will get you is a larger mortgage payment…..


Why should you buy?

When you purchase a home instead of rent you are making an investment into your future, whereas with renting you are just giving someone else your money. When you own a home you can deduct your mortgage loan interest cost from you federal income taxes and your property taxes as well.


How can you get a loan if you can’t afford a large down-payment or have bad credit?

There are many federal mortgage programs that offer loans to people just like you! They offer low down payments or even 100% financing with low monthly payments.


Can you afford a mortgage payment if you’re a single parent?

YES!!! The government offers homeownership grants or special programs to single parents just like you! The key is getting with an agent and getting pre-qualified before you start your home search.


What is the first thing you should do when you’re thinking about home ownership?

Contact a local Realtor!!! They can lead you in the right direction from Step 1 until closing day. Chose a realtor who has your best interest at heart and are willing to help you work through all the steps from getting pre-qualified to choosing the right home for you. To contact me :
send me an e-mail at EmilyLeeRealty@yahoo.com or call me at (606) 499-7836


Below I have attached a link to a article that contains a wealth of information to those considering buying a home, Check it Out!

Measuring The Benefits Of Home Ownership

Extended Home Buyer Tax Credit 2009/2010

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org


For the rest of this post and information on:

Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?

Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

REALTOR® Magazine-Daily News-First-Time Buyer Tax Credit Extension Possible

REALTOR® Magazine-Daily News-First-Time Buyer Tax Credit Extension Possible

Shared via AddThis