Only 12 days into the New Year and the mortgage industry is already in an uproar. Their screams call for more opportunities to new and current homeowners, no rise in loan fees by congress, maintaining high loan limits for borrowers, and establishing a consistent level of stability for the industry and confidence across the nation’s mortgage industry.
Published on the National Mortgage News, details of another claim were given regarding The Department of Housing and Urban Development (HUD) wanting to see lenders for the Federal Housing Administration be more ‘relaxed’ about their credit score minimums to help allow more 1st home buyers apply and be approved for FHA loans. Currently the average credit score for FHA loan programs are settled at 700.
In today’s economic rebuild, many are in recovery from the last couple of years and though individuals and families are ready, have the funds, have the payment history, job status, and such to move forward into becoming a FHA 1st time home buyer, lack of or the repair of credit can be a block in the road. Luckily, HUD is looking to change that. For first home buyers looking to step into an FHA Orange County, Los Angeles, or Ventura home, they may find themselves asking, “Now what?”
To help prepare you for becoming a 1st home buyer into a FHA loan program, here is a list of various books about the industry, credit building, 1st time home buyer experiences on what to know and what to do or not do, to help educate and begin the walk towards your dream of owning your first home.
In this list are some of the most popular book titles out this year…
The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls.
Second Edition. Jack M. Guttentag. (McGraw-Hill, $24.95)
Published in 2012, it remains to be one of the most comprehensive consumer guides to mortgages for any 1st home buyer out there. Also known as, “The Mortgage Professor,” author Jack Guttentag, is a nationally syndicated mortgage columnist and retired professor of economics at the Wharton School of the University of Pennsylvania. Within the book, clear details and explanations are given of common mortgage terms and concepts, practical advice on obtaining a mortgage, popular misconceptions about mortgage home loans and refinancing, and includes a variety of tables/graphs to organize and understand the financial ins-and-outs regarding attaining a mortgage home loan.
The Essential Handbook for Buying a Home.
Karen Rittenhouse. (Southeastern Investments LLC, $9.95)
Perfect for a quick read, this short guide provides the fundamentals of buying a home for both 1st time home buyers as well as seasoned ones. Within the information provided, the reader, aka ‘buyer’, can review in a concise “To the point” format, taking away any obscurity out of home buying. The book also provides advice on helping to determine property values, improving your chances of getting a mortgage home loan, understanding closing costs and as well as many other aspects about the entire ‘homebuying’ experience typically not considered.
The 10 Commandments of Money: Survive and Thrive in the New Economy.
Liz Pulliam. (Hudson Street Press, $25.95)
As a personal finance columnist for MSN Money, author Liz Pulliam, lays out a direct path for financial success to come out of the Great Recession triumphantly. Her quote-an-quote list of “commandments” include advice on things like creating a everyday realistic budget, positive steps towards paying off debt, how to preserve the equity in your home while using it, practicality on embracing financial risk, saving for retirement, and ways to protect yourself from the war with consumerism. Using her humorous touch, Pulliam offers a solid yet easy to read primer on personal finance for those who are concerned about successfully managing their finances in an uncertain economy.
Robin Leonard and Margaret Reiter. (Nolo, $24.99)
Needed for many and co-authored by two attorneys, this book provides a straight-shot for rectifying credit. Using a step-by-step approach to fixing your credit, Leonard and Reiter describe the shortest possible time for correcting one’s credit after feeling a financial blow. They also explain why ‘quick-fix’ approaches don’t work and warn against illegal and unsafe tactics that are often suggested to debtors, as well as credit traps that may be set for the uneducated spenders. Other positive notes regarding this book are the details given on common misconceptions about credit and advice on how to save money while getting out of debt. Book also includes a CD with letters forms ready for submission to creditors and credit bureaus to help begin to process in clearing up all negative items stating on your credit.
As a 1st home buyer, take some time to read up and study the various areas to the mortgage industry and the FHA loan programs available to you. Though the information can be overwhelming, the more you know, the better choices you will be able to make as a 1st home buyer as well as feel about the decisions being made for the future of you and your family.