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 firstname.lastname@example.org.
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 HeadlinesRoseville Author Releases New Book NationwideROSEVILLE, Calif. - The new book "Resonance," a stimulating new book by Roseville author Emily Elaine is now available nationwide.
Genderally Speaking LGBTQ Exhibition in RocklinRocklin, CA--The Ridley Gallery presents "Genderally Speaking", photography by Ron Williams in conjunction with Sierra College Pride Days (November 4-6).
Rocklin History Series Presents Julia Morgan's GoldThe Rocklin History Series continues on November 16, 2014 with a live presentation by Julia Morgan Historian Karen McNeill Ph.D. at 2 pm at the beautiful Old Saint Mary's Chapel
Free Identity Theft Prevention Class in AuburnThe Placer County Sheriff's Office is offering a free identity theft prevention class on Monday, October 27, from 6 to 8 p.m. at the Auburn Justice Center.
Loomis Students to Learn About Pediatric Iron Lung for World Polio DayIn recognition of World Polio Day, Rotary Club of Sunset Loomis will bring a pediatric iron lung to Loomis Grammar School and Loomis Basin Charter School
Esteemed Roseville Historian DiesLeonard "Duke" Davis, considered by many the foremost authority on the history of Roseville, passed away on Friday, October 10.
Michaels Store in Auburn to Open November 16thMichaels, North America's largest arts and crafts specialty retailer, announces the grand opening of its new Auburn store, featuring an inspiring new design, located at 2785 Bell Rd
Janina VanVooren at Patrons Club November 3rd Rocklin, CA - The Patrons Club, a volunteer arm of the Sierra College Foundation, invites the public and those interested in becoming members of the organization to attend
Roseville Men's Tennis Team Edged Out in National ChampionshipsThe men's tennis team from Roseville, Calif., representing the USTA Northern California Section, finished second at the USTA League Adult 18 & Over 2.5 National Championships
Dermatomyositis: Woman Battles Weakness, RashIn 1993, and only two weeks after having given birth to her second child, Becki Lanser of Cary, North Carolina, was experiencing severe muscle weakness and fatigue.
Jeep Grand Cherokee: More Refined Than EverA 2014 "refreshening" has given the Grand Cherokee a more modern, sophisticated look that will have admirers giving it the double take.
People & Culture Days in Rocklin October 22- 23Rocklin, CA - Have you ever sampled Persian food? Have you listened to Peruvian music? Can you make a Japanese origami crane? Would you like to get a henna tattoo?