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What Accounts Are Considered to be Major Deragotory on Your Credit Report.
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This Is Important Information For Prospective Buyers. While collections are bad, anything two years or older should not be touched. The damage was already done and enough time has passed for the "wounds" to heal. As a first time home buyer, FHA is most likely the program you will be going with as it only requires a 3.5% down payment. FHA DOES NOT require collections that do not pose a threat as a lien placed on the property and is up to an underwriters discretion as to whether it should be paid or not.
Judgments and Liens regardless of their source, will automatically have to be paid prior to closing. But again, if they are older than two years then you should not touch them before you actually have your credit pulled by a mortgage professional.
Late payment on a mortgage, a major trade line can have a very large impact on your credit score.
Basically, what it all boils down to is you should talk to a mortgage professional that can guide you in the proper direction to buy a home. You may already qualify.
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YOUR FOUNDATION FOR A BRIGTHER FUTURE
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Announcements
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Homebuyer tax credit extension and expansion update
On November 6, President Barack Obama signed into law the extension and expansion
of the current homebuyer tax credit, an important step in ensuring a real estate
and economic recovery.
The measure extends the present $8,000 tax credit program for first-time homebuyers
through April 30, 2010.
It expands the program, effective November 7, 2009, to include current homeowners,
who are now eligible for an up to $6,500 tax credit (10 percent of the purchase
price) through April 30, 2010 provided they have lived in the home they are
selling, or have sold, as principal residence for five consecutive years in
the past eight years.
If potential homebuyers have a binding contract on or before April 30, they
will have until June 30 to close the transaction.
Income limits for eligible homebuyers are expanded to $125,000 for single buyers
and $225,000 for couples. The purchase price of the home cannot exceed $800,000.
To help guard against fraud, buyers are required to attach documentation of
purchase to their tax return.
Click here for detailed information about the legislation.
NYSAR recommends that REALTORS advise their clients and customers to consult
with their own tax professional regarding the application of the credit.
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Welcome to VANGUARD REALTY
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Welcome to VANGUARD REALTY, your source for Upper Manhattan, The Bronx and Westchester Real Estate. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. The key to Success is knowing the Marketplace...You deserve an experienced agent who has knowledge of the local market and has stablished a positive working relationship with other professional in the field. I have achieved all of that and have proven track record of my quality and professional service to my clients. As a SELLER, you deserve an agent who delivers exceptional service during the course of selling your home. My marketing skills, knowledge of how to find qualified buyers and complete commitment to your satisfaction will bring positive results. “I don’t just list homes, I sell them!”
As a BUYER, I know you want access to the most recent Real Estate information available. Because of my computer information systems and my knowledge of the market, I can assist you in locating properties that will fit your particular needs and are good investments too.
In addition, if you have any general questions about buying or selling real estate in New York, please contact me as I'm more than willing to help. Please browse my website for listings, reports and important local real estate information.
Sincerely,
Eiralda Maria Prendergast
VANGUARD REALTY/Broker Owner |
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