How to Buy a House When You Have Bad Credit

Buy a House with Bad Credit

It can be a real jungle out there if you’re trying to buy a home and get a mortgage, especially when you have bad credit.  But if you’ve got an appetite for instruction, I’m going to show you the ways you can overcome the stress, intimidation and fear of the failure and succeed with the purchase of a home — even if your credit scores and credit history are down and dirty.

In just the time it takes to listen to your favorite tune, let’s learn how to rock buying a home when you have bad credit!

Do you know where you are?

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Get Rid of PMI on Your Mortgage

Want to drop your private mortgage insurance (PMI) payments like a pair of cheap sunglasses?  Don’t know where to start? 

Look, when interest rates were moving lower and property values were moving higher, the headache of canceling PMI took a back seat. And why not? In that climate, homeowners typically just refinanced and both dropped PMI and got a lower rate.

But when interest rates move higher and home values flatten or even go lower, many owners strive to preserve their great mortgage rates and focus on getting rid of that extra monthly insurance payment through cancellation.  

Whether borrower-requested, lender-required or value driven, let’s rock all the ways you can eliminate PMI!

Have mercy!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

Does Shopping for a Mortgage Hurt Your Credit?

Everybody who makes the leap into buying a home, especially first-time homebuyers, and even those who already own a home and are looking to improve their mortgage must eventually confront the pre-approval process.  That means a mortgage application and a credit inquiry, also known as a hard credit pull.

Would it surprise you to know that this is a MAJOR stopping point for some? Even before they really even started.  And the reason is because many have become conditioned to think that even a single credit inquiry will send their perfect FICO scores into a free fall.  Let alone the multiple credit inquires that sometimes accompany shopping for the best mortgage rates and terms.

So let’s not back down and let’s have some rockin’ fun with how credit inquiries and mortgages really work.

Runnin’ down a dream,

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock the 2023 FHA Loan Limits!!!

I ain’t foolin’!

Even though it seems like there’s been nothin’ but a whole lotta interest rate hikes in 2022, thankfully FHA borrowers, including first-time homebuyers, will see an increase to the FHA loan limit in 2023.

This means that where the one-unit conforming limit was $420,680 in 2022, it will become $472,030 in 2023.  That puts a house purchase of nearly $490,000 into range with FHA’s lowest down payment requirement of 3.5%.

And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you will see the FHA limit go from $970,800 all the way up to $1,089,300.  And that means that the maximum purchase price with the minimum down payment approaches $1,129,000 in those counties!

Been a long time!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How (NOT) to Destroy Your Mortgage Approval!!!

Ever wondered about the most common (as well as lesser known) ways mortgage borrowers sabotage their own loan process?

  • Do they dispute credit items and try to fix their FICO scores?
  • Do they change jobs without telling their lender or broker?
  • Do they mistakenly wire their down payment to a cyber criminal in Russia?

All of the above can be mortgage destroyers — and not like the KISS kind of Destroyer — the one that captivated me as a child.

So, let’s take the mask off the Top 10 ways unsuspecting homebuyers and those looking to refinance encounter the God of Mortgage Thunder.  Don’t be next! 

Get up, everybody’s gonna move their feet!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock the 2023 Conforming Loan Limits!!!

I ain’t foolin’!

Even though there’s been a whole lotta interest rate hikes in 2022.  And even though there’s been a whole lotta rumbling about home values declining in some areas, the FHFA will again be increasing the conforming loan limits into 2023.

This means that where the one-unit conforming limit was $647,200 in 2022, it will become $726,200 in 2023.

And in high-cost (aka high balance) metropolitan statistical areas like much of CA, NY and other housing-expensive counties, you may see the conforming limit go from $970,800 all the way up to $1,089,300.

Note that FHA and VA loan limits fall outside of this change, so if you need to know the specific loan maximums for any program, in any area, just get in touch!

Been a long time!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock an Interest Rate Buydown!!!

R U gonna let the interest rate elevator bring you down?

Look — it’s a tough real estate environment right now.  Sellers and builders still would die 4 to get the list price and buyers would laugh in the Purple Rain to keep their rate and payment as low as possible.

So what if lenders offered a temporary interest rate buydown, like a 3-2-1 buydown or a 2-1 buydown, that made it all possible?

Let’s go crazy!

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock a Low House Appraisal Value!!!

You found the perfect home…

And the seller accepted your offer…

And your mortgage application is underway…

Until your appraisal comes in low.  What now???

Never mind all the bad advice that swirls around this dilemma.  There are a handful of effective ways to deal with an appraisal value that comes in under your offer price, so if you find yourself in this stressful situation today, get in touch.  Or perhaps you’re a Realtor or buyer looking to better understand all of the tactics and tips that you can use to negotiate a low appraisal in today’s challenging real estate market.  If so, come as you are and let’s learn how to rock a low appraisal value today. 

Smells like teen spirit,

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Rock an FHA Home Loan!!!

Are FHA loans just for first time home buyers?  

Is an FHA mortgage the best choice if you have bad credit?

What if you have a low down payment, or even no down payment from your own savings?

If you’re ready to quit renting right here and right now, let’s learn how to rock an FHA home loan:

Watching the world wake up,

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

How to Buy a New Home Before Selling Your Current One!!!

Living in a “crowded house” but can’t find a way to buy that perfect new home before selling your existing one?  Don’t dream it’s over! There are mortgage programs that are specifically created to allow you to use proposed rental income from your existing home — also known as a “departing residence” in this case — to help with your mortgage qualification.  After all, most Americans are working hard enough to afford one mortgage payment, let alone two.

If you’ve been told that you don’t qualify for a new home until you sell your current home, but you otherwise have a down payment saved and ready to go, get in touch and let’s see if a departing residence mortgage is a good fit for you.

There is freedom within,

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.