¿Solo un esposo en el préstamo de la casa?

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Por
Anya Martin

Las altas deudas de uno de los esposos, el bajo ingreso o bajo historial de crédito, pueden deshacer un negocio de préstamo. Así que el otro esposo debe aplicar solo en el préstamo.

Se dice que se necesitan de dos para que un matrimonio funcione. Pero algunas veces, es mejor cuando solo uno aplica para un préstamo de casa.

Hay muchas razones por que un esposo debe quedarse fuera del préstamo, dice John Walsh, CEO de MIlfrod, Conn-based Total Mortgage. Las deudas altas, bajo ingreso o bajo historial de crédito, pueden deshacer o poner un interés muy alto en el préstamo.

Cuando una cualificación de un préstamo incluye un co-prestatario, los prestamistas usualmente usan el puntaje de crédito más bajo para determinar el interés, dice Mr. Walsh.

Por ejemplo, si ambos esposos tienen el crédito más abajo de 740, de igual forma los números pueden estar a favor de un solo prestatario, dice Mr. Walsh. Y aun con una mínima diferencia de puntaje de crédito, por ejemplo, un esposo tiene 700 y el otro 699, ese punto puede hacer una diferencia en el interés del préstamo, dice Mr. Walsh. De todas formas, algunas parejas necesitan los ingresos de los para calificar, especialmente cuando son prestamos demasiado grandes.

Una segunda razón por la cual algunos esposos prefieren quedarse por fuera del préstamo es para mantener sus finanzas por separado, dice Mathew Carson, broker de First Capital Group. En algunos casos, han comprado la propiedad antes de casarse y no quieren refinanciar, pero eso puede ser también una decisión estratégica, así el esposo que no está en el préstamo y tiene el crédito para calificar para otra compra grande.

“Yo soy el único en el préstamo de mi casa,” dice Mr. Carson. “Esto hace que el crédito de mi esposa este limpio en caso que queramos comprar un carro o algo por el estilo usando su crédito.”

Una tercera razón para ser el único en el préstamo, ocurre mucho cuando uno de los esposos es empleado por su cuenta y/o tiene varias entradas de ingreso, incluyendo bonos o comisiones, dice Bill Banfield, vicepresidente de Quicken Loans.

Si un esposo tiene un trabajo con un ingreso regular, un W-2 y suficiente ingreso para calificar, puede reducir estrés de no tener que presentar todos los documentos extras que se requieren cuando es empleado por su cuenta, dice Mr. Banfield.

Antes que un esposo aplique solo para un préstamo, hay dos cosas que debe tener en cuenta. Primero, un segundo prestatario no tiene que tener ingresos para estar en los documentos, siempre y cuando el otro esposo cumpla con los requerimientos del prestamista, dice Mr. Carson. El ser co-propietario de una casa y tener ambos nombres en los documentos, beneficia al esposo que este desempleado, una mama que no trabaje, por ejemplo. El préstamo ayuda a mantener un puntaje de crédito que puede ser importante más adelante, especialmente en un divorcio o muerte del esposo, dice Mr. Banfield.

También, el esposo que no es el prestatario y que haga los impuestos por separado, puede poner en los impuestos con el IRS el deducible de los impuestos del prestamos de la porción pagado por su esposo, dice Mary Carnning, decano de Golden Gate University. El esposo debe tener “propiedad beneficiaria” o “propiedad equitativa” con el IRS.

Otras consideraciones para decidir si un esposo debe aplicar solo para un préstamo:

Regalo en efectivo: Aun si uno de los esposos no está en el préstamo, el o ella pueden contribuir para el pago inicial, regalando efectico al prestatario, dice Mr. Banfield.
• Venta por ambos dueños. Ambos esposos no tienen que estar en el préstamo o en el titulo para recibir una exclusión en los impuestos de las ganancias después de una venta, dice Ms. Canning. De todas formas, la pareja debe de reportar los impuestos juntos, ambos debieron haber usado la casa como su residencial principal por lo menos 2 de los últimos 5 años (vivir juntos antes del matrimonio, también cuenta), y ninguno de los esposos puedo haber usado la exclusión en una casa diferente a la que acaban de vender en los últimos 2 años.

5 Ways You Didn’t Know You Could Save for a Down Payment

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One of the biggest misconceptions of home buying? The 20% down payment. Here’s how to buy with a lot less down.

Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost.

Here are five creative ways to build your down-payment nest egg faster than you may have ever imagined.

1. Crowdsource Your Dream Home
You may have heard of people using sites like Kickstarter to fund creative projects like short films and concert tours. Well, who says you can’t crowdsource your first home? Forget the traditional registry, the fine china, and the 16-speed blender. Use sites like Feather the Nest and Hatch My House to raise your down payment. Hatch My House says it’s helped Americans raise more than $2 million for down payments.

2. Ask the Seller to Help (Really!)
When sellers want to a get a deal done quickly, they might be willing to assist buyers with the closing costs. Fewer closing costs = more money you can apply toward your deposit.

“They’re called seller concessions,” says Ray Rodriguez, regional mortgage sales manager for the New York metro area at TD Bank. Talk with your real estate agent. She might help you negotiate for something like 2% of the overall sales price in concessions to help with the closing costs.

There are limits on concessions depending on the type of mortgage you get. For FHA mortgages, the cap is 6% of the sale price. For Fannie Mae-guaranteed loans, the caps vary between 3% and 9%, depending on the ratio between how much you put down and the amount you finance. Individual banks have varying caps on concessions.

No matter where they net out, concessions must be part of the purchase contract.

3. Look into Government Options
The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. These are typically available for people who meet particular income or location requirements. HUD has a list of links by state that direct you to the appropriate page for information about your state.

HUD offers help based on profession as well. If you’re a law enforcement officer, firefighter, teacher, or EMT, you may be eligible under its Good Neighbor Next Door Sales Program for a 50% discount on a house’s HUD-appraised value in “revitalization areas.” Those areas are designated by Congress for homeownership opportunities. And if you qualify for an FHA-insured mortgage under this program, the down payment is only $100; you can even finance the closing costs.

For veterans, the VA will guarantee part of a home loan through commercial lenders. Often, there’s no down payment or private mortgage insurance required, and the program helps borrowers secure a competitive interest rate.

4. Check with Your Employer
Employer Assisted Housing (EAH) programs help connect low- to moderate-income workers with down payment assistance through their employer. In Pennsylvania, if you work for a participating EAH employer, you can apply for a loan of up to $8,000 for down payment and closing cost assistance. The loan is interest-free and borrowers have 10 years to pay it back.

Washington University in St. Louis offers forgivable loans to qualified employees who want to purchase housing in specific city neighborhoods. University employees receive the lesser of 5% of the purchase price or $6,000 toward down payment or closing costs.

Ask the human resources or benefits personnel at your employer if the company is part of an EAH program.

5. Take Advantage of Special Lender Programs
Finally, many lenders offer programs to help people buy a home with a small down payment. “I would say that the biggest misconception [of homebuying] is that you need 20% for the down payment of a house,” says Rodriguez. “There are a lot of programs out there that need a total of 3% or 3.5% down.”

FHA mortgages, for example, can require as little as 3.5%. But bear in mind that there are both upfront and monthly mortgage insurance payments. “The mortgage insurance could add another $300 to your monthly mortgage payment,” Rodriguez says.

Some lender programs go even further. TD Bank, for example, offers a 3% down payment with no mortgage insurance program, and other banks may have similar offerings. “Check with your regional bank,” Rodriguez says. “Maybe they have their own first-time buyer program.”

Not so daunting after all, is it? There’s actually a lot of help available to many first-time buyers who want to achieve their homeownership dreams. All you need to do is a little research — and start peeking at those home listings!

7 Tips for Improving Your Credit

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Here’s how to clean up your credit so you get the least-expensive home loan possible.
Getting the loan that suits your situation at the best possible price and terms makes homebuying easier and more affordable. Here are seven ways to boost your credit score so you can do just that.

1. Know your credit score

Credit scores range from 300 to 850, and the higher, the better. They’re based on whether you’ve paid personal loans, car loans, credit cards, and other debt in full and on time in the past. You’ll need a score of at least 620 to qualify for a home loan and 740 to get the best interest rates and terms.
You’re entitled to a free copy of your credit report annually from each of the major credit-reporting bureaus, Equifax, Experian, and TransUnion. Access all three versions of your credit report at www.annualcreditreport.com. Review them to ensure the information is accurate.

2. Correct errors on your credit report
If you find mistakes on your credit report, write a letter to the credit-reporting agency explaining why you believe there’s an error. Send documents that support your case, and ask that the error be corrected or removed. Also write to the company, or debt collector, that reported the incorrect information to dispute the information, and ask to be copied on any materials sent to credit-reporting agencies.

3. Pay every bill on time
You may be surprised at the damage even a few late payments will have on your credit score. The easiest way to make a big difference in your credit score without altering your spending habits is to diligently pay all your bills on time. You’ll also save money because you’ll keep the money you’ve been spending on late fees. Credit card or mortgage companies probably won’t report minor late payments, those less than 30 days overdue, but you’ll still have to pay late fees.

4. Use credit carefully
Another good way to boost your credit score is to pay your credit card bills in full every month. If you can’t do that, pay as much over your required minimum payment as possible to begin whittling away the debt. Stop using your credit cards to keep your balances from increasing, and transfer balances from high-interest credit cards to lower-interest cards.

5. Take care with the length of your credit
Credit rating agencies also consider the length of your credit history. If you’ve had a credit card for a long time and managed it responsibly, that works in your favor. However, opening several new credit cards at once can lower the average age of your accounts, which pushes down your score. Likewise, closing credit card accounts lowers your available credit, so keep credit cards open even if you’re not using them.

6. Don’t use all the credit you’re offered

Credit scores are also based on how much credit you use compared with how much you’re offered. Using $1,000 of available credit will give you a lower score than having $1,000 of available credit and using $100 of it. Occasionally opening new lines of credit can boost your available credit, which also affects your score positively.

7. Be patient

It can take time for your credit score to climb once you’ve begun working to improve it. Keep at it because the more distance you put between your spotty payment history and your current good payment record, the less damage you’ll do to your credit score.

7 Steps to Take Before You Buy a Home

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By doing your homework before you buy, you’ll feel more content about your new home.
Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

1. Decide how much home you can afford.

Generally, you can afford a home priced two to three times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop your home wish list.
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top five must-haves and top five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select where you want to live.
Make a list of your top five community priorities, such as commute time, schools, and recreational facilities. Ask a REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start saving.
Have you saved enough money to qualify for a mortgage and cover your down payment? Ideally, you should have 20% of the purchase price set aside for a down payment, but some lenders allow as little as 5% down. A small down payment preserves your savings for emergencies.

However, the lower your down payment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your down payment size can also influence your interest rate and the type of loan you can get.

Finally, if your down payment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and down payment assistance programs for first-time buyers.

5. Ask about all the costs before you sign.

A down payment is just one home buying cost. A REALTOR® can tell you what other costs buyers commonly pay in your area — including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get your credit in order.
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. The minimum credit score you can have to qualify for a loan depends on many factors, including the size of your down payment. Talk to a REALTOR® or lender about your particular circumstance.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get prequalified.
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage (ARM) offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

¿Es propietario de casa?

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Puede que no tenga planeado mudarse en un futuro cercano. Pero, aun así, muchas personas se preguntan cuánto está costando su casa si decidieran venderla el día de hoy.
Si tiene curiosidad de saber cuál es el valor de su casa en el mercado de hoy, deme una llamada, estaré complacida de proveerle esa información totalmente GRATIS. Este precio se basará en las casas que se han vendido recientemente en su área y que son similares a su casa.
¡Llámeme para una consulta GRATIS! Celia Estrada Realtors: 980-722-9298.