Housing Downturn to continue - as your Distressed Sale Experts read valuable projections below.

 

From DS News:

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• First of all, if finances are in free fall, if you're unable to pay your bills, you will be hard pressed to raise your credit. Real credit score repair will have to wait until the financial crisis has been solved and there is enough money to cover expenses, plus some extra to begin paying down debts.
  
  
• Credit scores are based entirely on the information in your credit reports on file at the big three credit bureaus: Equifax, Experian and TransUnion. If the information is wrong, your credit scores could suffer. You can get your reports once a year for free from AnnualCreditReport.com;  or directly from the bureaus or from MyFico.com

• Dispute any errors that impact your score and all other negative information that's older than seven years (the seven-years typically starts 180 days after the account first went delinquent).
  
  
• Use at least two forms of credit to raise your score. Credit scores try to predict how well you're likely to use credit in the future by how well you've used it in the past. Living a cash-only lifestyle won't boost your scores -- in fact, without continuing use of some type of credit, eventually your credit report won't even generate credit scores.

• You don't have to pay credit card interest to achieve great scores. "Using credit" is not the same as "carrying a balance on your credit cards." Carrying a balance is expensive, bad for your finances and completely unnecessary. Many have achieved 800-plus scores by paying off balances religiously, so build and keep great credit scores without ever paying a dime of credit card interest.

·         Retail cards and gas cards can help you build your credit history initially, but to get your scores into 700-plus
territory get one major credit card: Visa, MasterCard, Discover or American Express. If you can't qualify for a regular card, consider a secured version, for which you make a deposit with an issuing bank. Just make sure the card reports to all three bureaus and that it converts to a regular credit card after 12 to 18 months of on-time payments.

• Another valuable piece of information is that by only using 25 to 30% of your available credit will work to improve your score. If you use over 30% of your credit line, this will reduce your score. Also, rather than applying for new credit cards which will reduce your score, keep the oldest credit card accounts open as this will raise your score over time and you're likely to see improvement in your scores within 30 days if you pay down significant chunks of your credit card debt.
  
  
• Credit repair takes time, and how much time depends on the many details of your credit reports. If you have serious black marks, such as bankruptcies or foreclosures, you can see significant improvement in your scores as time passes but you may have to wait until those negatives drop off your credit reports before you can join the 700-Plus Club.
  
  Now that you understand the basics, you can use the following techniques to get your scores over 740. If you or anyone you know has Real Estate or Mortgage needs contact Deborah Prather at 305-298-8104.

 

New $6,500 tax credit for current or previous homeowners purchasing a primary residence

• Now qualified repeat homebuyers receive a tax credit up to $6,500 if they sign a purchase contract by April 30, 2010, and close by June 30, 2010
• Eligible homebuyers must have lived in their current home for five consecutive years of the past eight years
• The new home’s cost can be less than that of the current home
• Tax credit is up to 10 percent of the home’s value (not to exceed $6,500). Purchase of homes priced above $800,000 are not eligible for the tax credit
• Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)
• Buyers don’t need to repay the tax credit if they occupy the home for three years or more
• Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of the credit

If you've waited to buy - or sell - a home, the timing, mortgage rates and tax incentives couldn't be better. The government will give you FREE MONEY in the form of a tax credit or downpayment. It's so true,  you're not dreaming!  As part of the plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time homebuyers. Congress approved the extension from December 1 through the end of Arpril 2009 for the $8000 first-time buyer tax credit! Better still, it also includes a $6,500 incentive for existing homeowners, upsizing or downsizing!
But you need to sign a purchase agreement before April 30, 2010 and close before June 30th. With rates still below 5% and other buyer incentives at unprecedented levels, you owe it to yourself and your family to explore all your options.

Those who qualify for the federal $8000 first time homebuyers tax credit will be able to apply for downpayment assistance through the state of Florida or the FHA, Federal Housing Association before closing on their home; then repay the amount borrowed with funds from the tax credit. Click on Contact  me or login to put this FREE MONEY to work for you.

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