Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times |
Rocklin and Roseville Today Local Events Calendar
    (Independent and Locally Owned)

Could Be Easier For Renters To Buy





For many potential home buyers the most confusing part of the process is trying to get a loan.

Mortgage lenders want to make loans to people who have proven track records of paying their bills.  Without this history, getting a mortgage can be hard.  Adding in rental history to a credit score could make a big difference for potential homeowners according to a recent article in Businessweek.

Credit reporting company, Experian published a study on almost 20,000 people who pay their monthly rent on time. It found, before adding in rental history, 11% of those looked at had no credit file at all, which makes it almost impossible to get a mortgage.  After the history of rental payments was included, 59% had prime credit scores exceeding 700 points.  Another 38% had nonprime scores, while only 3% were considered subprime, which is less than perfect or short credit histories.

Two of the national credit bureaus, Experian and TransUnion, have begun incorporating rental payment data into credit files where it can be included in the computation of consumers' scores when they apply for a mortgage.  As more mortgage lenders start considering rental payment history in credit scores more people should be able to qualify for a mortgage and make the move from renting to homeownership.

If you or someone you know is considering buying or selling a home and have question about the process or current market conditions, please feel free to contact me.  I can be reached at the MagnumOne Realty office in Roseville (916-899-6571) or by email to juliej@jalone.com.

Print

Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento



Placer County News Headlines

Immigration Executive Action: Republicans and DemocratsAnother stark contrast of opposing sides on Obama's Executive Action on Immigration, highlighted by two Republican Congressman Tom McClintock's remarks and the California Democratic Party

PCWA Moves Forward on Watershed RemediationIn the aftermath of the massive King Fire, the Placer County Water Agency is taking emergency steps to prevent and manage the runoff of fire debris and erosion into the

Holiday Flu Could Be Grinch This YearWith Thanksgiving nearing and the holiday season upon us, many people will be hitting the malls for shopping, the airways for travel, and interacting with large groups of people

Placer County Honors Citizens with Commemorative CoinsThe Placer County Board of Supervisors honored Dr. Bryce Jessup of William Jessup University and volunteer extraordinaire Fuzzy Jarnagin of Loomis Tuesday, presenting them with

Rain or Shine: Mountain Mandarin Festival Is OnFree admission offered for Festival goers with orange umbrellas! Mountain Mandarin Festival Is On.

92% of Americans Traveling for ThanksgivingSurvey Says: 92% of Americans Traveling for Thanksgiving Plan to Drive; 71% Expect to Spend Less This Year

Thanksgiving Travel Advisory: Sacramento International AirportPassenger traffic is expected to rise this year for travelers going through Sacramento International Airport. A few tips to improve your travel experience

Rocklin Crime Report Update (11-20-14)Rocklin, CA - Rocklin California Crime Report Update for November 20, 2014.

65,000 Injuries a Year to U.S. FirefightersThe National Fire Protection Association (NFPA) released the latest edition of its U.S. Firefighter Injury Report which highlights data on injuries sustained by firefighters on duty.

Grant Targets Impaired DriversThe California Highway Patrol (CHP) recently announced receiving a federal "Reducing Impaired Driving" grant, which will fund 150 sobriety checkpoints

KidsFirst Denim & Diamonds Appreciation EventCelebrating two weeks before the rest of the United States, KidsFirst, Child Abuse Prevention Council of Placer County, spent Thursday, November 13th in Thanksgiving mode

Placer County's Most Wanted: Johnnie Castro44 year old, Johnnie Castro, last known address of Roseville, CA, is currently being sought by authorities for Failure to register residence


more news