Can't Afford to Buy a House? Now What?!

A client-friend of mine, Stephanie, was distraught because she got tried to get a pre-approval and because of a nasty divorce situation her credit was shot. She was incredibly depressed about her situation. I sent her the following email. Hope it inspires you with your Plan B!

It's all about building a life to get to where you want to be.
You seem to be the type of person who knows with her whole heart
that we are spirits living in these borrowed bodies.

What you need is a plan. You are at Point A and want to get to Point B.
Does not mean you can get there overnight but if you don't plan you
will never get to Point B (and will miss tons of fun!)

To develop your plan B you need to write down all your HAVES, things you
already have. Start here:

-My credit score is__________, to buy a house it needs to be at least__________________.
-For me to raise my credit score I need to:
1.
2.
3.
4.
5.
-I have $______________ to put for a down payment, to buy a house it needs to be at least _______________.
-For me to save that money I need to:
1.
2.
3.
4.
5.
-What areas/towns am I willing to live in?
-Am I willing to be a landlord?
-Am I willing to live in a condo?
-Am I willing to have roommates?
-What kind of place am I looking for if money were no obstacle? (lots of detail here)

Have fun with this initial list and see how your soul flies with it!

Big hugs,
Mariaaaaaaaaaaaa
:)

A Challenge Out There...Moms Grab Your Hammers!

Hello Moms!

Thanks for coming back and getting another dose of fun and informative realty reality. Most real estate agents cover only a specific area so they get stuck in just the info for that area. I like to shake things up a bit so I did a seach today for ALL single family homes in Massaschusetts that are FOR SALE and found some interesting information:

-There are 28,521 for sale.
-429 were listed in the last 3 days.

Ooops! Just to show you how crazy the market is, this morning I started writing this blog, went to a long meeting and went back to check the stats a few hours later and now the numbers are:

30,361 for sale!!! WOW! THAT IS NUTS! This is only in Massachusetts which again proves that it is a FABULOUS time for buyers!

Ok, so with these new results can you guess what the lowest priced home in Massachusetts is this week? (drum roll)


166 Brombach St, Pittsfield, MA
6 room, 2 bed, 1 bath Ranch
$35,000 (isn't that the price of a car???)
Approx. Living Area: 1294 sq. ft.
Approx. Acres: 0.19 (8276 sq. ft.)
Heat Zones: Forced Air, Gas
Parking Spaces: 2 Off-Street
Needs a lot of TLC.

For explore more fun properties like this go to http://www.brickhouserealty.com/ and sign up to view properties. Don't worry we won't sell or give your info to anyone not even to our own moms!

Have a fantastic week!
Mariaaaaaaaaaaaaaaaaaaaaa
:)

QUICK MOM TIPS FOR HOW TO QUALIFY FOR A GOOD MORTAGE

Qualifying for a mortgage is certainly not as easy as it used to be. The actions of the money-hungry folks who put money before their humanity is affecting all of us. It has led to lenders tightening their approval standards. But while it is more difficult to qualify, it is important to know that it is still very possible to get a loan.

Here are four quick tips to help you immediately improve your chances of getting a mortgage:

1. Put money aside for a down payment. Stash at least 5% to 10%. BTW, no-down-payment mortgages, a staple of the housing boom, have virtually disappeared. To qualify for a government-insured Federal Housing Administration loan, you’ll need to put at least 3% down.

2. Get REAL about your budget. Your mortgage payment should be about 25% of your monthly household income. Choose a price range that fits this. If you make $4,000 a month, don’t take a mortgage out for much more than $1,000 a month. This will ensure that you have adequate reserves to make your payments.

3. Check your credit reports. The three main reporting agencies are Equifax, Experian and TransUnion. Make sure that all the information on these reports is correct. You would be amazed at how many mistakes they make. For me they listed my student loans twice! NOT FUN! My credit score went up after that was cleared up. If you too find some information that is incorrect, report the discrepancy immediately to all three reporting agencies. Anything negative on your credit report will hurt you, even if it’s not right.

4. Boost your FICO score. Mortgage lenders use the FICO score to help determine the chances of you defaulting on a loan. Because the score measures your ability to repay a loan, there are simple steps you can take to improve it. These will show that you are serious about becoming a homeowner.
*Pay down your debt
*Pay all your credit accounts on time

Remember that simple actions over time create the biggest change. Grab a friend and your calendars. Mark a day that works for you and start implementing these simple steps in no time at all you will see some very incredible changes...Be the change you want to be! Once you have these and other successful habits set up you are on automatic pilot for success. It feels sooooooo good! Come join us! You can live happier and more meaningful this way.....Now go grab!

Wishing a fantastic day!
Mariaaaaaaaaa
:)