Purchasing a home in a community property state

 

When you purchase a home in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) and are married, you need to take into account your spouse’s debts in relation to yours, even if one person is going on the loan due to credit or income reasons. For example Mr. and Mrs. Smith just got married and Mrs. Smith has a $500 a month car payment and a $25 minimum credit card payment, both  accounts  would need to be included in Mr. Smiths’ debt to income ratio even if he is the only borrower on the loan.

If both people are engaged then they are legally not married then the significant others’ debts do not need to be accounted for. Negative debt such as collections or charge offs are not applicable either.  On the flip side, if you are a cosigner or co borrower on a debt because your significant other cannot purchase it on their own (community property state or not). That will reflect on your credit report. Even if there is a divorce and the decree states that one party retains ownership, the account will still reflect on the credit bureaus until you are refinanced or taken off the debt. This potentially could cause problems if one party decides to stop paying the account. This is why it is so important to get in touch with a loan officer prior to purchasing a home, because they will be able to fully review the file. They will be able to determine which accounts need to be included in the debt to income ratio and which ones can be excluded, paid off, or need to be taken care of.

Tired of Renting?

Are you tired of renting?  Tired of how loud your apartment building is? Dislike your landlord? Want to start building equity in a home but having a tough time coming up with a down payment?  With the USDA Home Loan program – there is no down payment!  This loan program is 100% financed – that means 0% down!  Interest rates are at historical lows – there is no better time to start building equity in a home than now!  All you have to do is start by calling us at 2162367330 or visit us online at www.USDAloanagency.com  to see if you can qualify for this fantastic loan program.  The USDA home loan program has been helping individuals and families for decades now, helping each and every one of them achieve the American dream of home ownership.  This program is for an array of people from all walks of life.  Whether you are a first time homebuyer just graduating from school or a single mother or father falling on hard times and need a place for you and your children call us, we can help.   Consumer Real Estate Finance Co has been in business for over 10 years now helping to develop rural America and help those who want to part take in helping the greatest economy in the world function like a well-oiled machine.  If you have found a move in ready home, that is single family in size, stick built and less than 10 acres give us a call and let’s see what we can do for you – it’s time to stop renting and start building equity in your future.  CREFCO + USDA = Home for you! 🙂

Preliminary Approval Letter

One of the most important things in buying a house is getting a prequalification. Getting a prequalification not only allows you to know that you have the ability to buy a house, but it allows you to know what your price point is. It is an emotional roller coaster if you find the house of your dreams, but then you find out you are not eligible, due to your income or debts.   When you get prequalified, you are able to know that your credit situation is all set. Fixing your credit takes time; if you do not get prequalified then you can delay your closing unnecessarily.  Where when you go through the prequalification process you can figure out these situations upfront and deal with them while you are looking for the perfect house. When you get that preapproval you get that piece of mind, knowing your credit and income situation is all set. At the very least, if you are not eligible you will know what you need to do to become eligible. You will also have a timeframe where if you follow the advice from the loan officer you should be eligible in the future. You will be able to set a goal and achieve the dream of homeownership with a zero percent down loan.  I hope we can help you in this process of getting the best loan to suit your needs.

USDA Program Benefits

The USDA home loan is a fantastic loan program that has been around for decades helping those with lower income to accomplish the American dream of home ownership.   Whether you are a 800 credit score of a 650 credit score, this loan is made available to all qualified applicants.  The main idea behind the USDA home loan is to help develop rural communities but that is not all.  The special thing about the USDA home loan is its 100% financed, meaning you do not have to make a down payment on your home!  Combined with the 6% seller concessions (money from the seller to help pay for the buyers closing costs) you can potentially get into a new home with ZERO money out of pocket.  This home loan is fantastic for those who have recently graduated (with very little money saved) or for individuals going through a tough stretch in their lives looking for a new start.  A brief run down on qualifications and eligibility for the loan:  homes need to be single family in size, stick built (no manufactured homes or mobile homes) and move in ready.  As far as qualifying as an individual, that is quite simple too.  All you need to do is go to www.usdaloanagency.com and fill out some quick and easy information or you can call one of our agents who will be more than happy to help walk you through the pre-approval process step by step.   Let us help get you home! CREFCO J

CREFCO Can Help With A USDA loan

USDA surprises and excites the market!!  This is the traditional 30 year mortgage with an affordable payment.  That’s right, affordable as in really little MI or MIP or PMI or whatever it is that you know it as.  I did say affordable and so yes, without a huge jump in rate.  No down payment is the answer to many folks living pay check to paycheck.

Purchasing a home sure can rock the emotions.  Keep in mind it’s a process and takes time.  CREFCO is the team that will walk you through it step by step.  Why CREFCO, maybe it’s our knowledge and experience.  Maybe it’s our loving staff that makes the extra effort to answer the call when you have questions.  Maybe it’s our honesty in preparing expectations… I hear it all from the good client that keep the referrals coming, a big Thank you to you all!!

Let’s take a good look before getting to far… what starts out right ends up right!!  USDA does have income limits that can disqualify… what what?  The variable’s to calculate this can be more than a one night study, just give us a call and let us do what we do ; )  Really, with USDA being our passion nobody noes it like we know it.  It’s not just the income that can make or break it but location is another.  USDA was originally set to endear or pull folks out of the big cities and put the smaller towns on the map.  Get your very own home with no down payment sure can be appealing, maybe just appealing enough to move a little farther out.  Good for many, this mortgage product wasn’t born yesterday and so many of these (what were small towns) are now on the map and in a big way!!

This product is either for you or it’s not.  If it’s not, no worries… USDA is exciting but is not the only exciting product we have (just our favorite: )