This is a nice 3 bedroom, 2 bath home in an established neighborhood in East Hemet.  The backyard has a covered patio and an area for RV parking.  Close to schools and shopping.

For more information or to schedule a showing appointment please call Ginger at 951-654-7200.

Rental Property

Nice, 2 bedroom, 1 bath home located in a 55+ community.

If you would like to make an appointment to view this property please call Ginger at 951-654-7200

Many people are experiencing a negative equity situation with their homes.  At some point most  home owners ask themselves if they should consider having their home go back to the bank through foreclosure or should they try to do a short sale.

Most home owners do not chose foreclosure.  They lose a job, are transferred, are facing a divorce, maybe they are having medical issues, or lately they have too much debt due to lowering home values and increasing mortgage rates from bad loans.  Foreclosures have a negative effect on your credit.

An alternative to foreclosure is to sell your home through a short sale.  A short sale means that you sell your house for less than you owe.  Short sales require approval from your mortgage company.  Short sales also can have a negative effect on your credit, but not as bad as a foreclosure.  Below we will discuss the differences between a short sale and a foreclosure.

Credit Score

A foreclosure can lower your credit score from 250 to 300+ points and will continue to effect your score for about 3 years.

A short sale can lower your credit score as little as 50 points and can affect your score for about 12-18 months. (This depends on whether or not you are making your other debt payments)

Credit History

A foreclosure will remain on your credit history for 10+ years.

A short sale is not reported on your credit history because the loan is typically reported as “paid in full” or “settled”.

Future Loans

On most loan applications there is a question that asks if you have ever been foreclosed on in the last 7 years.  Checking yes to this question could affect future mortgage rates.  There is no question on a loan application regarding a short sale.

A foreclosure makes a home owner ineligible for a Fannie Mae loan for 5 years.

A short sale will be eligible for a Fannie Mae loan after only 2 years.

Security Clearances

A foreclosure can cause a security clearance to be revoked in most cases which can lead to termination of employment if security clearance is required for the job.

A short sale alone does not challenge most security clearances.

Future Employment

A foreclosure can cause issues when seeking future employment because most employers require credit checks for applicants.

A short sale does not affect future employment because the account comes up as “settled” or “paid in full”.

For more information about putting your home up as a short sale please contact us.

We do not guarantee these results.  All loans, short sales and mortgage companies are different.  These are average effects of a short sale and foreclosure.  For specific information pertaining to your situation please contact a real estate attorney or your accountant.

Rental Property

This is a 3 bedroom, 2 bath home in a newer San Jacinto neighborhood.  Close to schools and close to MSJC.  The back yard has a nice block wall and RV parking.

To schedule and appointment to see this home please call Ginger at 951-654-7200

The program requires the buyers to own the home for 5 years after they purchase it.  If the house is sold before the 5 year requirement is met, the borrower would have to pay back the grant money based on a sliding scale.  If the borrower must move because of a government transfer or PCS no repayment is necessary.  The borrower also has the option of renting the home out while they serve their new duty station.

QUALIFICATIONS

Must be a member of the military-Active duty, Veteran, National Guard, Department of Defense, or Department of Homeland Security employee

First-time Home buyer-you must not have owned a home in the last 3 years, or you lost a home through disaster or a divorce

Gross Household Income-maximum $55,000/year or 80% of your community’s median income based on family size

NOW WHAT?

Figure out how much you can contribute. Minimum is $500.

Fill out the Dream Makers application.

Wait for instructions.

Attend a home-buying seminar in your area.

For complete details please visit the Dream makers website at:

http://www.pentagonfoundation.org/site/PageServer?pagename=dream_index

Rental Property

This is a 1 bedroom, 1 bath apartment.  The unit for rent is #3  Rent is $575/month

To schedule a showing of this unit please call Ginger at 951-654-7200