Old Pump House turned Homeowner Dream

Buying a “shell” and creating something you have always dreamed of doesn’t have to be impossible. Watch this video of an Old Pump House turned into a Seattle man’s dream home. What does your dream home look like?
via CNN Money

Guest Post by Sean Nealon

We all know the feeling, your heart is pumping, hands are sweating, and all of a sudden the room feels about as small as a broom closet. You are applying for a loan, and the nice man or woman at the other side of the desk is about to make your dreams come true, or shatter them right there on the spot. What is it about getting credit scores pulled that makes us feel as helpless as a child? Is it because we are thinking about that late payment we made on our credit card right after college? Or that medical bill that never made it to your mailbox, but instead the hands of a collection agency? Getting your credit pulled can be a scary thing, but having more knowledge about what a credit score actually is, and how it is calculated, can make the process feel like less of a burden.

So, what exactly is a credit score? A credit score is a mathematical calculation of data stored about your credit history at the credit bureaus. Each credit bureau stores information on your past and current payment history, credit card limits and balances, student loan payments, late payments, collections and even bankruptcies. They take this information and plug it into a mathematical equation, and POOF!!! Out pops your credit score. A credit score is a risk assessment that lenders use to determine the likelihood of a loan being repaid. The higher the score, the greater chance of the loan being repaid.

What are you doing on a daily basis to hurt or help your credit score? Well let’s break down the credit score into chunks so we can determine that.

35% of your score is determined by your payment history. Payments you’ve made on your mortgages, auto loans, credit cards, student loans etc… This is also where a majority of negative items impact your score; Collections, bankruptcies, charge offs, judgments, foreclosures, repossessions etc… 30% of your score is dedicated to revolving accounts, AKA Credit cards. You will maximize the amount of points on your credit score by keeping your credit card balances below 30% of the card’s limit and paying them off at the end of the month.  15% of your total score is determined by the average length of all open accounts. You want your average to be as high as possible. 10% is for types of credit used, the best mixture of credit will give you the most points in this area. Finally, the remaining 10% is split up between new credit and inquiries. Every time you get your credit pulled in order to secure a loan, you are losing points on your credit score. Aside from what you’ve heard, shopping windows DO NOT exist for credit inquiries. Every time you open a new account, whether it be a mortgage or a credit card, you lose points.

There are several ways to use this information to your advantage. The best way is to get in touch with a credit specialist at Continental Credit. They have been studying Fico scoring algorithms for over 10 years and know the best ways to maximize all 5 aspects of the fico score pie. For more information contact me directly at Sean@continentalcreditllc.com or call 303-495-3244.

More Articles on this Topic

• Credit Report Scores Impact Idaho First Time Home Buyers
• Credit Report for Boise First Home Time Buyer
• Boise Idaho: If you don’t eat yer meat, you can’t have any pudding?

As of April 1st 2012, Idaho Housing Authority has come out with a new zero down home buyer program.  It is a second lien that makes up for the down payment (approx 3.5% of the purchase price).  The first mortgage would be an Idaho Housing loan.

Just because a person has a 580 credit score does not mean they automatically qualify.  Every loan is a case-by-case.   Here are a few highlights.

• No credit score requirement-full approval on the first mortgage is a must
• Can not currently own any other real estate
• The property being purchased must be vacant or owner occupied
• Homes with lead based paint can be an issue
• Can not have more then 3 months cash reserves after closing

I would highly recommend that every potential home buyer have their credit checked and have the report and loan application previewed by a preferred Idaho Housing lender. (Such as Guild Mortgage)

Besides this program, Idaho Housing Authority has many other first time home buyer options available.

Ask about the 3% down loan with NO mortgage insurance.

Here is the link to the Idaho Housing quick application form

Here is the link to the regular residential loan application

Boise Idaho first time home buyer checklist

Welcome to Idaho Housing Authority Resource Page!

Please drop in a few details about your self and once I receive your request I will be giving you a call.

or

Go to my link to the Guild Mortgage residential loan application.  The site is totally secure.  Once it is submitted, your request will come directly to my Blackberry.

Please “Like” my Idaho Housing Authority fan page on Facebook

Please download my Boise Idaho Home Buyers Handbook 

Boise Idaho home buyers-please visit http://www.IdahoMortgageSolution.com – great place to get the home loan precess started!

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