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One misconception most people believe is that if you have a credit line, the best thing to do is to pay it off and close the account. That couldn’t be farther from the truth. The fact is, that that exact misconception keeps a credit score down and prevents you from obtaining new credit rather than affect your score positively.
The way bureaus grade you, or the way your score is compiled is by your ability to make payments on a monthly basis. So if you pay off a credit card(s) and close the account, the bureaus will look at your account as a person that may be having problems maintaining current balances. If someone shows a lack of ability to pay it is usually due to loss of employment or something along those lines. So what happens is the score will decrease as months go by that you don’t have any activity or a significant decrease in activity.
Your most advantageous move would be to maintain low balances if possible below $50 balance. If maintaining account balances that low is impossible at the time the next best thing is keeping your balance below half or your limit. If balances are kept up near the limit for multiple months the credit score will begin to decrease since to the credit bureaus this will appear as a desperation to keep afloat and living off of credit to survive. Again, loss of employment is a common cause someone would use credit for everyday expenses and not pay it off at the end of the month. So in order to show lenders this person is a high risk the score will come down.
For more information regarding credit call or email at 480.344.3678 or email jesus.perez@academy.cc
If you were eligible for the tax incentive of up to $8,000 for purchasing a home under President Obama’s plan and did not get an accepted offer from a seller by April 30, 2010 then you have missed the incentive but you are not alone. Many people speculate that there might be another type of plan in the future. But for now all it is is just that; pure speculation.
So you missed the tax incentive, things could be a lot worse. The price of homes could be that of what they were in 2005. What I’m saying is that although there is not a tax incentive at this time it is still a GREAT time to buy. We are closing loans for our borrowers for homes recently puchased for as low as $45,000 or great deals of homes in the $300,000 plus range. So whatever your budget there has not been a better time to buy than now. Down payment for FHA loans are still only 3.5%. There is talk that FHA may raise that to 5% but for now it is still only 3.5%. Rates are remaining low and recently the Feds decided to keep them as they are.
We are seeing some competition out there from the contracts we’ve received from our borrowers. One way we can monitor that is we are having appraisals come in significantly below contract price in some cases and have even had buyers pay over appraised value. That also tells us that there are still great values out there to be had. If a buyer believes he/she has such a great deal that they are willing to pay over the appraised value, well that tells us it was too good of a deal to pass up. So although the President’s incentive is gone, there is still an incentive to buy now! That incentive is getting a great deal and a low fixed rate and it lies before you if you are looking to take that step.
Feel free to fill out our online application at www.academy.cc/jesusperez or www.academy.cc/edwinsolis We will contact you shortly therafter to discuss your options.
USDA loans are also known as Rural loans. This is the only No Down Payment loan available. Although things sometimes seem too good to be true, there are certain restrictions/limitations for these loans.
- First off these loans are only eligble to properties located in “rural areas”. Ie. Town of Maricopa, Queen Creek and Goodyear to name a few.
- Income limitations See Chart Below
Maricopa County- 1 to 4 Person Household – $75,750 5 to 8 Person Household – $100,000
Pinal County- 1 to 4 Person Household – $73,600 5 to 8 Person Household – $97,150
A USDA/RURAL loan virtually allows you to buy a home without spending a dime. USDA allows the seller to contribute up to 6% of the purchase price towards borrower’s closing costs which in most cases covers all of the borrower’s closing costs. These loans can be used on new and resale homes as well as bank owned, foreclosed homes.
Posted 9 months, 2 weeks ago. Add a comment
The USDA Rural Development loan guaranteed Program is designed to stimulate rural development in America. USDA rural development Properties must be located in eligible rural areas. We have homes available which qualify for the USDA rural development program right now. 100% financing available and you might be eligible for the $8,000 First Time Home Buyer tax credit also.
Just fill out our easy online form for your no cost no obligation USDA rural development consultation today
USDA rural development Loans require Zero Down. There is no minimum credit score required with a USDA rural development loan, although 12 month credit history is closely scrutinized and moderate income requirements do apply.
Just fill out our easy online form for your no cost no obligation USDA rural development consultation today
USDA rural development Loans require Zero Down. There is no minimum credit score required with a USDA rural development loan, although 12 month credit history is closely scrutinized and moderate income requirements do apply.
Avondale, Buckeye, Wickenburg, Queen Creek, Maricopa, Scottsdale and other areas,
Just fill out our easy online form for your no cost no obligation USDA rural development consultation today
We have homes in The USDA Rural development areas with 100% financing right now!
USDA rural development loans offer 100% financing with no monthly PMI to borrowers who fall within moderate income requirements
- All closing costs may be paid by seller concessions
- USDA rural development areas only
- Primary Single Family Residence only
- No minimum credit scores, although 12 month credit is closely scrutinized with USDA loans
- Ch. 7, Ch. 13 and foreclosures must be completed/discharged at least 3 years to qualify for a USDA loan
Under the terms of the USDA rural development program, an individual or family may obtain a USDA loan for up to 100% of the appraised value of the home, which eliminates the need for a down payment. Since a common barrier to owning a home is the lack of funds to make a down payment, the availability of the USDA rural development loan guarantees makes the reality of owning a home available to a much larger percentage of Americans.
A few restrictions:
-Must have a credit score above 620.
-Cannot do a loan with No Credit Score borrower.
-No Manufactured home as the property type.
jesus.perez@academy.cc or edwin.solis@academy.cc
480-344-3678 or 480-201-0461
With identity theft at an all time high, you can not risk not knowing if someone is running off with your identity only to leave you in a tragic mess.
We believe in superior customer service not only helping you with your mortgage needs. We can provide a free service monitoring. With this free service we will pull your credit from one bureau every 4 months. We will call you to discuss any changes and send you a copy of your report.
In years of providing service to people with mortgage needs we’ve come across customers with damaged credit due to identity theft, that if caught early it could have made a world of difference for our prospective customer. We’d like to help prevent this from happening to you.
Call us to see how we can help you keep a close eye on the activity happening on your credit report.
Edwin Solis 480-201-0461 NMLS# 242330
Jesus Perez 480-344-3678 NMLS# 249677
Academy Mortgage BR BK #0115484
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5304 E. Southern #101 Mesa, AZ 85206 
Posted 1 year, 1 month ago. Add a comment
If you’re interested in a ZERO down payment loan, you may be happy to know that they are still available. There is a catch! You must purchase the property in a rural area.
Want to find out if the property you’re interested in purchasing is eligible for a USDA ZERO down loan? Go to the link below and enter the address of the property you’re interested in to find out..
http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do
Posted 1 year, 1 month ago. Add a comment
Using an AZ USDA Guaranteed Rural Home Loan allows you to buy a home in ANY County of Arizona with Zero Down payment.
Posted 1 year, 1 month ago. Add a comment
Time is running out. Start now to take advantage of this awesome opportunity!
Property must be purchased by Nov 30, 2009 only 4 months left to do go. Get qualified and start shopping for homes today!
Posted 1 year, 1 month ago. Add a comment
This is a post about USDA loans
Posted 1 year, 1 month ago. Add a comment