Getting Closer to Your Dream Home: How to Get a Mortgage When You Don't Have a Credit Score

 Buying a home is a big dream for many people, but what if you don’t have a credit score? Don't worry! If you're working with the Federal Housing Administration (FHA) to get a mortgage, there are ways to show you're good with money even without a credit score. Here are some steps we help our clients take to build a credit story:

If You're Renting a Place:

If you're renting, there are some easy ways to show you're responsible with money:

·         Paying Rent: Regular rent payments can be a good sign of how responsible you are with money.

·         Paying Bills: Paying for things like gas, water, electricity, phone, TV, and internet on time can also help show you're trustworthy.

If You're Not Renting:

Even if you're not renting, there are other ways to build a good money story:

·         Insurance Payments: If you pay for insurance like car, health, or life insurance, it can be a good sign.

·         Paying for School or Childcare: Regular payments for school or childcare show responsibility too.

·         Store Credit Cards and Rent-to-Own: Using store credit cards or rent-to-own plans for things like furniture can help build your story.

·         Paying Medical Bills: If you have medical bills and pay them on time, that's a good sign too.

·         Saving Money: If you save money in a bank account regularly, it shows you're planning for the future.

·         Car Leases and Loans:  If you have a car lease or a loan from someone with clear payback terms, that can help too.

Other Helpful Tips:

There are more ways to build a good money story. Our loan helpers can give advice like:

 Using a Credit Card Wisely: Getting a credit card, using it a little, and paying it off every month can help over time.

Proving You're Responsible:

The big idea is to prove you're responsible with money. Even if these actions don’t show up on a credit report, they can still help you get closer to owning your dream home.

Getting a mortgage without a credit score might seem hard at first, but with some smart steps and the right help, you can make your dream of owning a home come true! Our team is here to help you through every step on the way to your new home!

Step Into Homeownership Smartly: Discover Multi-Unit Homes Up To 4 Units And Have Renters Pay Your Mortgage!"

 Embarking on the journey to owning your first home is exhilarating yet can be challenging due to affordability issues. We present a clever way out—opting for a multi-unit home, up to 4 units. Live in one unit while renting out the rest, and voila! Your renters significantly contribute to your mortgage payments, easing your way into homeownership.

 

Why Choose a Multi-Unit Home?

1. Ease into Homeownership: The rental income can cover a substantial portion of your mortgage payments each month, making homeownership more accessible.

2. Regular Income: By having tenants, you ensure a steady flow of income, which can be a financial cushion or help achieve other life goals.

3. Growing Equity: As you pay off the mortgage and as the property appreciates, you accumulate equity. It’s akin to having a savings piggy bank that grows steadily.

 

How Does It Work?

1. Identify a Suitable Multi-Unit Building: Look for a building with up to 4 units. The more units, the higher the potential rental income.

2. Reside in One Unit: Occupy one unit and make it your cozy home while benefiting from the income generated from the other units.

3. Lease Out the Additional Units: Secure tenants for the other units. Their rent can significantly offset your mortgage payments, sometimes covering it entirely!

 

Getting Started:

We’re here to support you on this exciting venture! Our mortgage solutions are tailored for first-time homebuyers, ensuring a smooth sail towards your dream home. We’ll assist in finding a mortgage that aligns with your budget.

 

Conclusion:

Owning your home while enjoying a smart investment is no longer a far-off dream! A multi-unit home up to 4 units allows you to step into homeownership with the added perk of a steady rental income. Reach out to us to unveil more about this fantastic opportunity!

Get Pre-Qualified today!

Personal Consumption Expenditures (September 2023)

 

The Fed’s favored inflation measure, annual Core PCE, fell to 3.7% for the 12 months ending in September. While this is a 2-year low, it’s still well above the Fed’s 2% inflation target. Will this progress be enough for the Fed to pause rate hikes once again at their Nov. 1 meeting? #pce #inflation #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow

Turning Child Support or Alimony into Your Home Sweet Home: A Simplified Guide

Buying a home is a big dream for many of us, but sometimes our financial situation can feel like a hurdle too high to jump over. However, there's good news if you’re receiving child support or alimony! These funds can actually help you on your journey to homeownership. Let’s break down how this can work in simple terms.

 

1. Understanding Your Income:

 

Firstly, it’s important to know that mortgage lenders like us look at your income to determine how much they can lend you. Income isn’t just your paycheck - it can also include money from child support or alimony. This is where it gets exciting for you!

 

2. Proving Your Income:

 

To count child support or alimony as income, you’ll need to show us some paperwork. Usually, we’ll need to see:

 

·         A court order stating the amount you receive.

·         Proof that you’ve been receiving these payments consistently for at least six months.

·         Proof that you will continue to receive these payments for at least three more years.

 

3. Calculating Your Loan Amount:

 

Once we can see your total income on paper, we can figure out how much money we can lend you. The higher your income, the higher the loan amount you can get. This can get you closer to purchasing that lovely home you have your eyes on!

 

4. Meeting Other Requirements:

 

Besides income, we’ll also look at other things like your credit score and your debts. But don’t worry, we’ll guide you through all these steps to make the process as smooth as possible.

 

5. Getting Pre-approved:

 

Getting pre-approved for a mortgage loan is like getting a golden ticket. It shows sellers that you are serious and ready to buy. Getting pre-approved can be a breeze with your child support or alimony counted as income!

 

Conclusion:

 

Receiving child support or alimony doesn’t have to be a barrier to buying a home. In fact, it can be a stepping stone! With the right paperwork and guidance from your trusted mortgage lender, you can turn those monthly payments into your very own home sweet home. It’s all about taking the right steps and keeping a positive outlook. Your dream home is closer than you think!

 

Remember, every situation is unique, so it’s always a good idea to talk with a mortgage professional to understand your options better.

Local Market Report for October - Plant City, FL.

 

Why Refinancing Your Home NOW Could Save You Big

 Hey homeowners! 🏡 Are you sitting on some extra value in your home and also juggling a lot of card debt? There’s a smart move you might not have considered. Let me break it down for you.

 

What's a Cash-out Refinance?

 

Think of your home as a piggy bank. Over time, as the value of your home has gone up, you’ve put more money into it. A cash-out refinance lets you take some of that extra money out, like breaking open that piggy bank. Why would you do this? To pay off those pesky high-interest credit cards!

 

But Aren't There Extra Costs?

 

Yes, there is a small catch. When you do a cash-out refinance, there’s usually an extra cost. But here's the thing: **waiting for lower rates might actually cost you more in the long run.**

 

Do the Math

 

Imagine you've got a few credit cards and a current mortgage. Add up all the monthly payments and the interest rates on those cards. Now, blend that with your current mortgage rate. You might be surprised to see that the combined rate isn’t much different from today’s mortgage rates.

 

Why Now is the Best Time

 

If you refinance now, you can use the extra money to pay off those high-interest credit cards. This will free up funds every month! 🎉 And when the mortgage rates drop again, you can refinance one more time – but this time without the extra costs.

 

The Bottom Line

 

Refinancing now can:

1. Help you pay off debts faster.

2. Free up money each month.

3. Set you up to save even more when rates drop again.

 

Home is where the heart is – and it can also be where the smart money moves are. Don’t wait. Talk to a mortgage expert today and see how much you could save!

September 2023 Existing Home Sales

Existing Home Sales (September 2023)

Sales of existing homes hit a 13-year low in September as low inventory and elevated mortgage rates remain key headwinds for buyers. Yet, homes are still selling quickly (avg. 21 days on market) and prices are still up year-over-year due to the “pressing need for more housing supply.” #homebuyers #homesellers #homesales #realestate #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow