Credit Tip from National Credit Care: Part 3

EXTRA EXTRA READ ALL ABOUT IT
-------------------------------------------------

Part 3
Statutes of Limitations?

Maybe it's due to the horrendous natural disasters Florida, Texas and California must endure, or the fact that everyone else feels good by all that Vitamin A provided by the sun but boy oh boy do those States look out for you if you owe someone money!

There are four categories of debt that each state decides the length it is collectable for: Oral agreements (I agree, sounds rather worthless they carry a bigger punch than one would assume); Written agreements (where your typical collected would be located, like a medical debt); Promissory Notes (installment loans like your mortgage or student loan); and Open-ended Account (your revolving accounts like a credit card.) Check out this sweet table HERE if you want to know your States statutes of limitations for a particular debt. The different between legally owing someone for 3 years compared to 15 years is a crazy difference.

Just remember one thing (a story we get every other minute), when you hear someone boast to you of a tremendous story that they negotiated a debt for pennies on the dollar, it's because the debt was probably outside the States collectable period and therefore paying anything was far too much. Not to mention they could be looking at that same collection for another 7 years on their credit report due to reactivity. Just because debt is not enforceable in court doesn't mean the collector still cannot try to fool you in paying in what they believe is still owed. I hope you enjoyed this information, don't hesitate to get those referrals over asap to your URL LINK so we can close you some more loans.


Devin Norcross
Regional Director and Manager National Credit Care
Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

VA Home Loans – A Valuable Benefit

A VA home loan is a great benefit to military personnel during and after their service. PrimeLending understands the importance of a “home base” for military and their families and is proud to be able to help active and retired military use this product to meet their unique needs.

VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offers the following advantages:

• No down payment
• Higher loan value
• No private mortgage insurance
• Limit on closing costs
• Option for seller to pay closing costs
• No penalty fee for early payoffs
• Possible VA assistance if you have difficulty with payments

Once certified, an applicant can apply to use the guaranty on these financing and refinancing opportunities:

• Purchase or build a residence
• Purchase a condominium or duplex
• Purchase and imporve a residence
• Purchase a manufactured home/lot
• Refinance an existing home loan
• Install energy improvements

Qualified service members are those that have received a discharge other than dishonorable from an eligible branch of the service, including the U.S. Army, Navy, Air Force, Marines, Coast Guard, Nat. Guard and Reserve and US. Military academies. They also meet the service requirements charted below.

There is a VA Loan to Fit Your Needs

VA Fixed Rate Home Loans

A 30-year fixed rate option gives you a stable, predictable monthly payment. These loans are great for people settling down in one house over a long period of time. They give deployed soldiers a warm place to come home.

A 15-year fixed-rate option could help current service members who would like to build equity more quickly. You pay more monthly, but this pace builds more equity in your home.

VA Adjustable-Rate Mortgages

The flexibility of an adjustable rate mortgage can be appealing to current military service members expecting to move in the next few years. ARM homeowners pay a low introductory interest rate for the first few years, then move or refinance before it adjusts upward.

VA Jumbo Home Loan

The VA will guarantee a maximum of 25% on your home loan up to the conforming loan limit of $424,100. For a loan greater than that amount a VA Jumbo Loan is needed. With a VA Jumbo Loan you can apply for a home up to $1,000,000 and will only need a down payment of 25% on the difference between $424,100 and the asking price of the home.

For example, you want to purchase a home that costs $500,000. You would be required to pay 25% down on the amount over $424,100.

$500,000 - $424,100 = $75,900. Then $75,900 x 25% = $18,975. This would be your down payment. This payment is still considerably lower than the 10% traditionally required for jumbo loans.

Cash-Out Refinance Loans

A cash-out refinance helps you handle big-ticket items – college, health expenses or debt, for example. Effectively, you pay off the remaining balance and take out a new loan for the appraised value of the house. Much of the difference goes into your pocket as cash.

Interest Rate Reduction Refinance Loan (IRRRL)

An Interest Rate Reduction Refinance Loan (IRRRL) helps service members refinance at a lower interest rate. Refinancing can help lower your monthly payment, change your term or turn an ARM into a fixed rate. Other advantages include:

• No appraisal or credit underwriting
• No Income and/or asset verification
• No out-of-pocket expenses
• Rolling all costs into the new loan
• No new COE - just validation of loan