No Credit...Can You Still Buy A Home Today?

In my ventures and talking with people I hear a common phrase among younger individuals that say "I cannot buy a home because I have no credit and they (the mortgage companies) will not give me a loan." Unfortunately that is not true. There are numerous programs to help people with no credit history buy a house. I have sold a half dozen this year alone to home buyers with no established conventional credit history by connecting them to the right mortgage lender. Yes, banks prefer a credit score and a good one at that. Most lenders are looking for 620 or better credit scores but I have a preferred lender that can get loans approved with a credit score as low as 600. But what if you do not have a credit score? Can you still buy a house....The answer is yes. The lenders call it alternative credit. In lieu of a credit score and established credit history there is a way you can purchase a home with no credit. They look at your "trade lines". These are bills that you would be paying on a regular basis each and every month. Some examples are auto insurance, cell phone bills, rent, utilities, etc...Any monthly expense that you can document a history of paying for the past 12 months on time. They will ask for three trade lines. They also have to be in your name or at least your name must be on the bill. With these documents a lender I use will approve you for a mortgage. The amount of the mortgage will vary depending on what you make for income and can verify. But you will be able to purchase your first home and begin living the American dream that all of us at one time or another hope to realize...owning a home. If you have some trade lines that you can verify paying for at least 12 months on time then you should consider looking into buying a home before you start opening credit cards and other credit lines to buy a home. Dave diCecco Realtor/Broker Coldwell Banker United Cell: 704-519-7895 ddicecco@cbunited.com www.davedicecco.com

Is That Condo/Townhome FHA Approved?

One of the biggest hurdles I face with showing prospective buyers homes in the Charlotte, NC. area is when they are looking at town homes or condo is if it is FHA approved. Just because the place looks like it is ready to move in and passes the eye exam on being an FHA approved place does not mean it is FHA approved. Condos/townhomes are under different requirements for FHA approval than single family homes. The Federal Housing Administration has guidelines in place that protect both the buyer and them on condo/townhome purchases. The problem is most Realtors do not know this or do not do the work to see fi the place will qualify for FHA or not. Thus the problem arises: You go and look at the unit and your buyer likes it and makes an offer and you get the offer negotiated. You have asked the questions and they tell you it qualifies. You then proceed to the appraisal and the loan application process and find out through the mortgage lender that the house is not FHA eligible. It did not meet one of these guidelines. Now I agree it is impossible to know every single regulation. But if I am representing a seller I am going to make sure that the unit is either FHA eligible or not. I showed homes the other day where some units said they were eligible for FHA and others said they were not. Who was right and who is wrong? Who did their homework and who did not? Some basic guidelines I use before I go out and show one that I will ask the listing agent to verify with the HOA management company are what percentage is owner occupied? FHA requires that at least 50% be owner occupied to qualify. What percentage is delinquent on their dues for more than 60 days? New this year is that it cannot be greater than 15%. Is the complex done and complete? It must be 100% to qualify. There are many other little guidelines. But if you can by these three questions you have a very good chance that the condo or townhome is FHA eligible. These are questions you should be asking the listing agent and ones that they should be able to answer..... Dave diCecco Realtor/Broker Coldwell Banker United Cell:704-519-7895 ddicecco@cbunited.com www.davedicecco.com

Matthews Alive Labor Day Festival 2013----Matthews, NC.

Looking for something fun to do this labor day weekend? Come to Matthews, NC. for the annual Matthews Alive festival held every year during Labor Day weekend. This year the event starts on Friday August 30, 2013 and ends on Monday September 2, 2013. This is a great fun filled family attraction. In the nine years I have lived in Matthews, NC.; a year has not gone by that I have not visited Matthews Alive. Each day and night there are different bands and musicians playing on one of the three stages they have set up catering to different tastes of music throughout the weekend. There are carnival rides and games for the kids ( and kids at heart). Large arts and craft show, various food vendors and other family oriented events. Do not miss the parade on Saturday morning. This is the LARGEST Labor Day parade in the Southeast ( who would think a small town like Matthews NC would be such a large attraction for labor Day?). It starts at 10:a.m. SHARP. Come see the various bands from area high schools, floats and organizations throughout Charlotte area for this great event. Come by on Labor Day and see the classic car show held in front of the Town hall/Library. it is held in the morning and is a great place to spend soem time if you enjoy antique cars and collectible cars. The part that attracts me most to go to Matthews Alive (besides the great fun and memories it brings) is that 100% of all the profits are given back to the local charities and organizations in the community....This is a fundraiser but not one for the town of Matthews...but one for the local charities in Matthews and the surrounding area that help out families...it makes it even more worthwhile knowing I not only get to have fun; but my money is going to worthy causes.... I hope to see you all there this weekend...I know you will not be disappointed.....They are always adding new attractions along the way and the parade seems to grow every year. Last year the parade lasted over an hour and it is expected ot be as long if not longer this year http://matthewsalive.org Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com