Foreclosed Homeowners Get a Little Christmas Gift

CNNMoney recently wrote an article regarding…

Fannie Mae halt foreclosures for the holidays.

Fannie Mae, Freddie Mac, and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.

Read the full story

This is great news for families that are having to face foreclosures.

Merry Christmas,
Pam McCoy

How Does My Credit Report Work?

How does my credit report work? That is a question we get quite often in real estate. Many clients don’t understand the “little things” that can make a big difference in their credit score. Evangeline Scott of Summit Funding group explains some simple tips to help you raise your credit score and get you into your home.

  • Have at least four major trade lines.
  • Have at least two years of credit history on those trade lines.
  • Don’t close out your credit cards if you are in the process of purchasing a home.
  • If you use your credit cards, use them all equally.
  • Keep your balance below 50% of the credit limit.
  • Your debt to lending limit should never be more than 30-50%
  • Even if you pay your credit card off at the end of the month, still do not charge over 50% of the credit limit.

For more information regarding your credit score, you may contact Pam McCoy or Evangeline Scott

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You should always consult your Financial Advisor.

Now What After a Shortsale, Foreclosure or Bankruptcy?

Have you gone through a shortsale, bankruptcy or foreclosure?

What can you do now to improve your credit score?

What are some of the steps you can do now in order to purchase a home later?

How do we set ourselves up financially in order to purchase a home again?

How long do I really need to wait before I can purchase a home again?

Evangeline Scott, Certified Mortgage Planner, discusses in this video the answers to these questions. She talks about a program she put together “Home Again” and steps that you may do now to get you back into a home as soon as possible.

Please call me 916-865-8759 if you have any questions or you may comment below.

Helping you get back into a home again.

Your Realtor®,
Pam McCoy

Evangeline Scott, Certified Mortgage Planner NMLS#243997 works for Summit Funding Group and can be reached at 916-496-0160

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