Thursday, October 29, 2009

For mortgages, 620 is the new magic number
Gone are the days when you can qualify for a loan with a mid score of 580 or 600, now it is 620. ANd that's for an FHA government loan. If you are trying to do a conventional loan with FNMA or FReddie Mac, you will get hit with a ridiculous amount of fees for having a score less than 740. It is tiered for every 20-40 points, it's different price. So if I were you, the best thing to do is keep your balances down to 35% of your credit limit at any given time and try not to have anymore than 1 inquiry every 14 days. And of course, do not close any accounts and do not open any new accounts. By doing just these things, your scores should be way up in the 700 range as long as you don't have recent derogatory items. If you have any questions, call me at 925-398-0211 or email me at I would love to give you even more tips!

Wednesday, October 21, 2009

Dave Ramsey on How to be Financially Successful

Dave Ramsey on How to be Financially Successful

A Letter from Senator Feinstein to ME!!

Dear Mrs. Edwards:

Thank you for contacting me to express your support for expanding the first-time homebuyer tax credit. I appreciate the time you took to write and welcome the opportunity to respond.

In July 2008, the Housing and Economic Recovery Act of 2008 (Public Law 110-289) provided first-time homebuyers with a tax credit, equivalent to an interest-free loan, worth up to $7,500. The tax credit applied to homes purchased between April 9, 2009 and July 1, 2009. As the housing situation worsened in the fall of 2008, additional action was taken to prevent further declines in home values. Congress included in the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), a more robust first-time homebuyer tax credit. Specifically, the tax credit was increased to $8,000 for homes purchased in 2009 and will not have to be repaid.

I understand your belief that the first-time homebuyer tax credit should be increased and expanded further. As you know, on June 10, 2009, Senator Johnny Isakson (R-GA) introduced the "Home Buyer Tax Credit Act of 2009" (S. 1230), which would increase the credit to up to $15,000, remove income eligibility limits, and expand it to include homebuyers purchasing homes other than their first. S. 1230 has been referred to the Senate Finance Committee, of which I am not a member. Please know that I will keep your support for this legislation in mind should it come before the full Senate.

Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,
Dianne Feinstein United States Senator

Further information about my position on issues of concern to California and the Nation are available at my website You can also receive electronic e-mail updates by subscribing to my e-mail list at