Dean Rizzi

How do I Improve My Credit?
October 6, 2011 · · 2 Comments

If you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. If you had a problem that’s been corrected and your payments have been on time for a year or more, your credit may be considered satisfactory.

If you are currently in excess debt, there are four ways to control it:

If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non secured signature loan, obtaining a loan from a relative, selling your home and paying off your debts with the proceeds and then renting, cashing out your 401K/retirement benefits, or selling family heirlooms, jewelry, etc.

If your credit is already damaged or one of the above isn’t an option,     Read more

Dean Rizzi

Buying After a Short Sale
March 6, 2011 · · 3 Comments

Buying after a short sale, including a pre-foreclosure event, requires the following:

 Short sale due to financial mismanagement:

 1. Minimum of 4 years, and up to 7 years, must have elapsed since the completion of the short sale.

2. The borrower may purchase a primary residence, second home or investment property with the greater of 10% minimum down payment or the minimum down payment required for the transaction.

3. Borrower must have re-established an acceptable credit history.

4. Minimum 680 credit score required.

Short sale due to documented extenuating circumstances:

1. A minimum of 2 years must have elapsed since the completion of the short sale.

2. The borrower may purchase a primary residence, second home or investment

3. property with the greater of 10% minimum down payment or the minimum down payment required for the transaction.

www.deanrizzi.com

Lee Ginsburg

Getting a Loan is Not Impossible
December 3, 2008 · · 10 Comments

www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/30/RE8014CT0J.DTL .      

I had some good friends over for Thanksgiving.  Pretty early in the evening the question came up; “Lee how is the Real Estate Market?”  “People can’t get loans? Huh”, he stated. This occurs often.  Everyday it is mentioned the “Credit Crunch” we have to loosen up credit.  I hope everyone reads “You Can Qualify For a Mortgage, It’s Just Tougher” by Marni Leff Kottle of the S.F. Chronicle,  Read more