New loan program for Bank properties-Silver Lining Program

Dakota County Community Development Agency (CDA) has developed a new program aimed at stabilizing neighborhoods that have experienced higheer than normal levels of mortgage foreclosures- the program is called Silver Lining Loan Program.

this program is available to qualified buyers who purchase eligible bank owned vacant foreclosed properties.

Loans can be used for:

• up to 50% of the required down payment
• payment of normal and usual closing costs
• buy down of first mortgage principal

Max. purchase price- $256,080

Loan limit: $15,000

Contact me for more information on this program or other similar programs available.

New Home Sales Soar

Lori's Market Update

Good news out today- New Homes Sales for June soar to 11%. This is above expections of 2.3%for the month. Existing home sales have seen 3 straight months of gains- this may be due to the availability of the $8,000 tax credit,lower interest rates and sale of Foreclosure properties.

Time is limited on this tax credit- Call me for more information.

Credit Repair...

It is never too late to start working on your credit repair

How to get quick credit recovery...

1. Apply for a secure credit card
2. take out a secured loan in a small amount from a local bank. Security may be assets, cash, etc.
3. Review your credit report and work through credit reporting agencies to remove duplicate and inaccurate accounts.

• Transunion 877-322-8228
• Experian 888-397-3742
• Equifax 800-685-11

4. Make regular payments on your secured loan and credit card for several months. Time and consistancy is key.

5. Pay your rent, utility bills, cell phone, insurance, etc. on time for use as "alternative" credit.

It is also beneficial to contact a mortgage lender and ask questions on your credit. They can be a handy resource.

How to get a Better Credit Score

Here are a few tips in boosting your credit score.

• Get current on your bills and stay that way. Consider an online bill paying to pay your bills.
• Pay down your revolving debt. Do not move debt around between credit cards.
• Do not open a lot of new accounts.
• If you are having trouble making ends meet, contract your creditors or a legitimate, non-profit credit counselor. They would rather work with you on a payment schedule than see you fall delinquent and not pay at all.

Good credit can be a homeowner's most valuable possession. Use it wisely and guard it well.

Free Credit Report

Lori's Market Updates

You can receive one Free credit report annually-

Annual Credit Report Request Service
PO Box 105283
Atlanta, GA 30348-5283
877.322.8228

www.annualcreditreport.com

Contract for Deed

Creative financing??? What about a Contract for Deed. What is it and how does it work?

A contract for deed is an agreement to sell property in which the seller delivers the title after final payment is made. It sometimes can be offered by a buyer who has difficulty obtaining a mortgage loan however they are able to show that they have income to make the monthly payments. Usually the contract is for a few years with a balloon payment, for which the buyers normally get a mortgage to pay off the balance.

Should you have any more questions in regards Contract for Deed please contact me..