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Apr 13

Buying a House After

Buying a House After

If you or someone you know is one of the many Yumans who lost their home as a result of a foreclosure, short sale or bankruptcy, there is hope! Not only is homeownership possible again, but it may be easier than you think. In most cases there is a waiting period before you are eligible to qualify for a home loan. But buying a house again doesn’t have to be complicated once you know the waiting period that applies to your personal situation and take the necessary steps to

Feb 21

NOVA CreditBuilder Program

NOVA CreditBuilder Program

  Having an open and active credit card account that you pay every month is a big part of having a good credit score.  If you don’t have much credit history, one thing our Credit Services team frequently recommends is to open a secured credit card.  This can help you quickly build credit or improve your credit scores. What It Is: Credit Builder is a program that makes it easy for NOVA clients to build credit by opening a secured credit card.  The card quickly reports to all 3

Apr 5

Nova Home Again Program

Nova Home Again Program

  If you have been through a significant credit event, like a foreclosure, short sale or bankruptcy, you may be wondering what your options are for becoming a homeowner again.  Conventional, FHA, USDA and VA loans all have waiting periods, typically 2-7 years.  For full details, read our article How Long Do I Have to Wait to Buy Again?   We can also work together with our Credit Services team to help you raise your credit score. If you don’t want to wait 2-7 years to buy a house, the

Mar 15

USDA Loan Update

USDA Loan Update

USDA Rural Development is making changes!  Effective Wednesday, March 9, 2016, the final rule for 7 CFR Part 3555 and the revised technical handbook, HB-1-3555, will apply for all Rural Development Conditional Commitments issued by USDA. The revisions include many positive changes that will help potential USDA homebuyers qualify for financing.  Here are a few of the updates: Relaxed guidelines about last minute credit report updates. Discount points are now an eligible use of proceeds for moderate income borrowers and can be financed Clarification of the eligibility of conventional

Feb 23

How to Improve Your Credit Score

How to Improve Your Credit Score

Your credit score can make a huge difference in your home financing.  Although you do not need perfect credit in order to qualify to buy a house, a higher credit score usually equals a lower rate and costs for your mortgage.  So what can you do to maximize your scores?  Well, first it is important to understand how credit scores are calculated. Credit scores range from 350 to 850, with 850 being the best possible credit score that you could receive, and 350 being the worst possible credit score. There are

Feb 18

First Time Home Buyer

First Time Home Buyer

If you are currently renting, you have probably thought about buying your first home.  As a first time home buyer, you should know that there are special programs for you! If you are concerned about not having enough money for a down payment, don’t worry!  There are several loan programs offering low and no money down.  For example: USDA Loans offer $0 down and low fixed rates for homebuyers who do not own any other property.  While not all areas of Yuma county are eligible for this program,

Oct 4

Do You Currently Rent in Yuma Arizona?

Do You Currently Rent in Yuma Arizona?

Home values have started to stabilize in Yuma County, and are even rising in certain neighborhoods.

Sep 17

FHA Back to Work – Buy a House Sooner!

FHA Back to Work – Buy a House Sooner!

FHA recently came out with an exception to their guidelines that will allow borrowers to get an FHA loan only 1 year after a bankruptcy, foreclosure, short sale or deed-in-lieu.

Aug 5

How Long Do I Have to Wait to Buy Again?

How Long Do I Have to Wait to Buy Again?

There is life after a short sale. There is life after Bankruptcy. There is even life after foreclosure. Anyone can fall on tough times. With the proper planning, you can become a homeowner again before you know it.

Feb 25

The secret to getting the best deal on your mortgage

The secret to getting the best deal on your mortgage

The best piece of advice I can give you in relation to shopping for a mortgage is to get prequalified as early as possible.  Before you find a house, before you start talking to realtors, get prequalified first.  That is the secret to success. I have done the math, and the difference between a 680 and 740 credit score is 3/8ths of a percent.  Well, at our current average sales price in Yuma, that translates to $13,752….Just in payments over 30 years……$13,752 MORE that you’ll make in payments because you