Monday, March 24, 2008
Tucson a "Bicycle Friendly" Town!
The League of American Bicyclists named Tucson and Pima County as "Bicycle Friendly" giving the region a "gold" rating for education, engineering, enforcement and encouragement of bicycle oriented issues. Here is a link.
Thursday, March 13, 2008
FICO and CLUE
What are FICO and CLUE? When you hang out with real estate people, you will hear a lot of lingo or jargon. Two very important words that often appear in real estate conversations these days are FICO and CLUE, and it is helpful for you to be CLUED-in to make your real estate experience more successful.
FICO®
This is from myfico.com:
FICO® scores are your credit rating.
They range from 300-850, higher is better
Most lenders base approval on them
Higher scores mean lower interest rates
FICO® scores are calculated based on your rating in five general categories:
Payment history, amount owed, length of credit history, new credit, types of credit used.
For the full scoop, go to myfico.com.
CLUE® Reports
CLUE reports are insurance history reports on losses associated with personal property. Of particular interest are losses due to water damage in a home. CLUE reports are important to home buyers and sellers. A home with a bad CLUE report will be hard to insure, and as a result, hard to sell, and to buy. It is very important to know about this issue and prepare your purchase contract with this as a contingency when you are purchasing a home. This from Choice Trust:
"The C.L.U.E. ®Personal Property report provides a five year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name. " For more info click here!
FICO®
This is from myfico.com:
FICO® scores are your credit rating.
They range from 300-850, higher is better
Most lenders base approval on them
Higher scores mean lower interest rates
FICO® scores are calculated based on your rating in five general categories:
Payment history, amount owed, length of credit history, new credit, types of credit used.
For the full scoop, go to myfico.com.
CLUE® Reports
CLUE reports are insurance history reports on losses associated with personal property. Of particular interest are losses due to water damage in a home. CLUE reports are important to home buyers and sellers. A home with a bad CLUE report will be hard to insure, and as a result, hard to sell, and to buy. It is very important to know about this issue and prepare your purchase contract with this as a contingency when you are purchasing a home. This from Choice Trust:
"The C.L.U.E. ®Personal Property report provides a five year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name. " For more info click here!
Friday, March 7, 2008
New, Higher Limits for FHA Insured Loans!
The department of Housing and Urban Development recently announced new maximum mortgage limits for FHA insured residential home loans. The new limit for Pima County is $316,250. This is good news for home buyers who are looking for a low down payment loan with somewhat less stringent underwriting criteria. Some lenders are offering down payment assistance programs with FHA insured financing. This allows home sellers to contribute towards buyers down payment and closing costs with full documentation qualifying. The limits were raised in other parts of the country, as high as $729,750, reflecting the higher prices for homes since the last FHA limit adjustment. This is great news for everyone in the real estate markets since it will make it easier for home buyers to secure low down payment FHA financing and will also help home sellers sell their homes if they are priced at or below the new maximum limits.
Subscribe to:
Posts (Atom)
