Consumers are entitled to obtain a free copy of their credit reports once a year directly from the three credit bureaus (without a credit score).

The bureaus are required to provide you with a free annual credit report so that you may correct any errors that appear on your report. You can find those free reports HERE

When you visit the website to obtain your free report you can dispute inaccuracies in the report. You cannot “repair” your credit and remove negative information that is accurate; you can only request the report be changed to correct errors.

Examples of common errors are:

-Incorrect current or previous address
-Incorrect employment information
-Misspelled name or name variations
-Invalid “AKA” names
-Mistaken derogatory reporting by a creditor
-Balances of accounts show as current yet are actually paid or satisfied
-Incorrect reporting of credit accounts not owned by the consumer
-Accounts or identifying information of a family member with similar name

The Federal Trade Commission recommends consumers deal directly with the credit reporting agencies to correct credit reports. The FTC warns against using “credit repair” companies, going so far as to call these “scams” on consumers. You can find out more HERE on the FTC website

Consumers should also beware of purchasing credit scores as the scores often sold to consumers differ dramatically from the FICO scores used by financial professionals. The three credit bureaus created a rival “proprietary” scoring system to FICO and often it is the rival system that consumers purchase. PowerHouse Solutions mortgage professionals have often encountered dramatic differences between the FICO scores used in the mortgage lending process and the scores purchased by consumers online at the credit bureau websites.

Better that you contact a PHS Solutions-Provider today for a free prequalification (including credit report) than follow the lead of some unshaven guy on television singing in his kitchen with his band about credit scores that you have to pay for.

Why do they wait until the last minute and drive everyone crazy? Is this the way to rebuild a failing economy? Holy cow!

The extension apparently was “cut out” of the main bill and approved by the House AGAIN. Now it goes to the Senate and hopefully they will act promptly to extend this deadline.

More HERE

So many Buyers today are eager to purchase homes at below market prices. Often these homes are in need of serious repairs or improvements to update the property. The 203k Program handily meets those needs.

This miracle program allows you to purchase the home and obtain the monies for repairs or home improvements all rolled into a single loan with a SINGLE monthly FIXED RATE payment.

The repairs can cost as little as $5,000 or can run as high as necessary to gut-rehab a home. The limit on the repair monies that can be included in the loan is the Loan-To-Value Limit based on statutory FHA Loan Limits in your area. And this LTV percentage is calculated based on the value of the house AFTER improvements. You can request that up to 6 months’ worth of mortgage payments be included in the loan so you don’t have to pay two monthly housing expenses—rent and mortgage—while the house is under construction.

With more REO properties offered for sale, more Home Buyers will need the 203k Program and PHS is here and ready to help you make those purchases happen!

Contact a PHS Solutions-Provider today to get Prequalified for this Miracle Loan Program!

Last week the Senate approved the legislation and sent it to the house for approval.

The Homebuyer Tax Credit—for those qualified Homebuyers who signed a contract of sale by April 30th—requires Homebuyers to close on those purchases by June 30th. Last week’s Senate approval would have extended the closing deadline to September 30th, thus giving harried Homebuyers struggling with onerous Lender underwriting processes sufficient time to close and obtain the credit.

The Republican shutdown of this piece of legislation closes the door on many otherwise qualified Homebuyers from obtaining the Tax Credit.

Purchasing a property is profitable and still manageable. Owning a property has its benefits; appreciation in market value, personal income tax deductions, and ownership of something tangible that can be passed on to your loved ones.

Property taxes on all real estate are fully deductible against current income taxes (consult your tax advisor). Also interest paid on mortgage loans up to $1 million is completely deductible for the year in which it is paid even if it is from your second home (consult your tax advisor). Plus points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller (consult your tax advisor).

Home ownership offers the freedom to make decisions about your home. There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially.

Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment. With mortgage interest rates still low at middle fives and sellers competing with other sellers and builders for purchasers this makes now the right time to buy.

We recommend you explore a variety of resources and teaming up with qualified leading individuals in the industry prior to getting started.

Jose A. Polanco, Esq.

Now Buyers who signed on time to qualify for the credit have until September 30th to close on the transaction.

The measure now will move on to the House and ultimately to the President for his signature.

Read more here

Thanks to Carolyn Romberg of Corcoran Group for the link.

CNNMoney.com reports that two other Senators, Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. support Senator Reid in his efforts to extend the deadline. According to CNNMoney.com, “The senators said they want to make sure banks have time to process the transactions — especially short-sales, which is a more involved process.”

According to MarketWire.com, the National Association of Realtors commends the Senators for offering to extend the deadline.
More information here thanks to Reuters.

Processing time for mortgage loan applications here at PowerHouse Solutions currently run substantially faster than industry standards due to our experienced operations staff and a commitment to a high level of client service.

Reserves are required for two months’ worth of mortgage payments for Conventional (Non-Government) financing. The FHA does not require reserves for 1 or 2 family home financing; 3 and 4 family homes require 3 months’ reserves.

Mortgage Loan Underwriters like “reserves” on a loan application. Reserves count a lot; the more you have, the better your prospects for a smooth loan approval.

Keep your retirement statements and 401k and IRA statements handy when you apply for a mortgage loan. Make sure your Loan Originator gets those important documents at time of application. It’s good for you and good for your loan approval!

James is a Vice President and Premier Relationship Manager, with many years experience helping HSBC customers get the most out of their banking experience.

We’re glad to know James is one of our professional neighbors here in beautiful downtown New Rochelle.

WELCOME TO NEW ROCHELLE JAMES!!!

You can reach James for his exceptional banking assistance at the North Avenue Branch of HSBC: 914-654-2433 or in person: 260 North Avenue New Rochelle NY 10801.

North Shore Animal League was recently spotlighted in the news for its emergency assistance with Tennessee Rescue after the recent flooding in and around Nashville.

North Shore Animal League will be bringing puppies and kittens as well as older cats and dogs all looking for a good home.

Please pass this on to a friend or colleague and help to make this a successful event.

For more information call DVC: 914-421-0020