TruPodcast Episode 2 Chasing Happiness

In this episode, I talk about how the Corona Virus has and will make HUGE impacts on our economy. And how we can use common sense when it comes to protecting ourselves from getting it. The first thing we need to do is to stop raiding stores for basic supplies! The world is not coming to an end, and you do not need a lifetime supply of toilet paper, paper towels, and top roman. The panic that we are displaying is just crazy, and when we start using common sense we will start seeing things change for the better! With all this panic going on there is a huge group of people that are being impacted by this virus. Small business owners all over the USA are wondering if they will be open when this all passes. We need to band together and help each other out and find ways to support small business owners around our great country. We at TruVest will do whatever we can to help other fellow small business owners. We are here for you!


TruPodcast

TruPodcast-Chasing Happiness

TruPodcast Episode 1

We are excited to be re-launching TruPodcast. The TruPodcast is going to cover three life topics:

  1. Chasing Happiness
  2. Business-Real Estate included of course
  3. Failure- How it is not a four-letter word, and how we can grow from our failures

In this episode, our guest is Alex Burton the President of the Evansville City Council. We discussed what drives his happiness, and how it took numerous times to be elected to City Council (Persistence), and his passion for Evansville! Hope you enjoy and please subscribe!


Buying a Home can be Overwhelming.. But You Have a Friend in the Business

YES… it is possible to buy a home for your family, even if you do not know where to start! We are here to guide you.

 

Buying a home can be overwhelming and there are so many things you have to do before you can get your keys to your home. 

 

The very first thing you should do is find out what your credit score is. If you do not know what your score is you can get a copy of your report for free from annualcreditreport.com

 

Once you have your report look at the following items:

  • Locate and know your score
  • Are there any errors? For example Payment history, balance, date opened/closed
  • Do you have any collection, charge off or judgment accounts?

 

If there are any errors in your credit report you should dispute them to the credit bureaus. We found a free app that allows you to dispute your errors all in one place. The app is called UpTurn. We are still testing this app, but thus far we are quite pleased with the app. And you cannot go wrong with FREE!

 

If you’d like to talk to us about purchasing your first home, just leave a comment or send us a message! 

Get Your Free Guide:

How to Overcome The Four Obstacles That Are Holding You Back From Home Ownership!


Why Credit is Your Secret Weapon in Getting a Mortgage

Do you know how important your credit is in obtaining a mortgage? It is the secret weapon that will put you at the top of the lender’s list to approve your mortgage. But you have to do some work to ensure that your credit is ready to take on a mortgage. Before you start the house-hunting process you need to have your “Credit House” in order.    

 

There are three critical aspects of obtaining a mortgage; your credit report, the money you have allotted for the down payment as well as closing costs, and your income. Lenders want to paint a picture that encompasses all these aspects to make sure they minimize their risk and ensuring they are setting you up for success.

 

According to the American Bankers Association, less than half of all U.S. consumers know their credit score is or have reviewed their report in the last 30 days. Your credit score is the first thing a lender reviews and it determines if you get to go to the next step of the application process. TIP: Your credit score will determine your interest rate on your mortgage and what type of loan you will be offered.  

 

The next item is your down payment and monies you have saved for closing costs on your mortgage.  The more money you have saved towards both these will make the lenders’ decision much easier to approve you. Yes, there are loans, such as FHA loans that only require 3.5% as a down payment. Closing costs typically run between 2% and 4% of the loan amount. For example, on a loan of $100,000, there could be between $2,000 and $4,000 in closing costs. On that $100,000 loan, you would have to have $3,500 saved for your down payment. TIP: There are down payment assistance programs available for first-time homebuyers.

 

The last but not least important item in obtaining a mortgage is your J-O-B. The lender is looking for the following: how long have you worked at your current employer, do you earn enough to pay the mortgage and your bills on a monthly basis, lastly are you able to save money after all your bills are paid. These are basic items lenders look at, but the lender could ask for additional financial documents. TIP: The more you can save the better your application looks to the lender and the better your loan terms could be. 

 

Once you have all these items to your lender they will then produce a pre-approval letter that you can use to find a home. The pre-approval letter will explain all the terms of your loan and the all-important dollar amount you are approved for your home purchase.  At this point, you are ready to go out and start looking for a home. TIP: Your pre-approval has a 90 to 120-day expiration, meaning if you do not purchase a home during that time the lender will have to pull your credit again.  

 

If you are ready to be a homeowner the first thing you need to arm yourself with is your credit score. Get your free annual credit report and know where you stand with your credit. If you need assistance or have questions feel free to reach out to us by email or call us at (812) 777-5850.  

 


homebuyer

How To Purchase a Home When You Have Less-Than-Perfect Credit

How To Purchase a Home When You Have Less-Than-Perfect Credit

While not having such a great FICO Score does make it a little trickier to purchase a home, but there are alternatives out there to help you become a homeowner. Keep reading to discover what you can do to become a homeowner even if your FICO Score is less-than-perfect.

 

Research government-backed funding programs

 

While standard financing programs normally have a minimum FICO Score of 620, government-backed mortgage programs - such as FHA, VA, and also USDA - tend to have looser credit qualifications. In each case, the Federal Government is the entity that backs your loan if you default, which assists lenders with their losses.

 

The minimum FICO Score for each loan type are below:

 

FHA: 500 - 579 FICO Score with a 10% down payment or 580+ FICO Score with a 3.5% down payment.

 

VA: VA loans have no official FICO Score requirements. Instead, each application is evaluated on a case-by-case basis. All though, the mortgage provider you select could have a minimum FICO Score requirement.

 

USDA: Like VA loans, USDA loans have no defined FICO Score requirements. While a FICO Score of 640 is required for a streamlined approval process, homebuyers with lower FICO Scores could be approved based upon extenuating circumstances.

 

Keep in mind that if you're looking at one of these options to purchase your home you should determine if the lender you are wanting to work with has extensive experience. Take your time and research the lender, and do not be afraid to ask questions.

 

Saving More Can Help You Get Approved

 

Keep in mind, your FICO Score is only one of the elements that are taken into consideration when obtaining a mortgage. Your yearly earnings, work history, as well as the amount of money you have saved - or the funds you have for your down payment and closing expenses - will certainly also play a role. If you have a lower FICO Score one of the best ways to get a mortgage is by showing your lender your savings. Tip: The larger percentage of your down payment to your purchase price equals LESS risk to your lender.

 

Take a Look at Portfolio Lending (Owner Financing)

 

If you don't qualify for traditional lending, your lender could offer you another option that is called Portfolio Lending. With portfolio lending(Owner Financing), your lender does not sell your loan to a third-party company like Fannie Mae or Freddie Mac, the lender will maintain your loan as part of their in-house portfolio.

Because your lender is not selling your loan to a third party, they can establish their own underwriting criteria. Additionally, be cautious about the terms the lender offers you. Lenders that provide portfolio lending typically offer higher interest rates, and could also charge more origination fees (Which have to be disclosed). 

 

Work with a Non-Profit that Provides Credit Services

 

If all else fails, you can always find a local non-profit to work with to improve your FICO Score. Do not be afraid to ask for assistance! With all the different pieces of information that go into your FICO score, it is hard to know what piece(s) will improve your score. Design a plan with your counselor that works for you, and provides clear milestones.

 

BONUS TIPS:

 

  1. Know your credit! Get a free copy of your credit report
  2. If you need help understanding your Credit Report….Get Help
  3. If your FICO Score is at or above 620...Great
  4. Find a Lender that you want to work with. There are some great 1st-time home buyer programs out there. Here is a list of them by State
  5. Understand how much you can afford and what costs are part of your mortgage payment 
  6. Save for a Down Payment. As little as 3.5% of the purchase price (Grant options are available)
  7. Know what Closing Costs will be on your loan and have those monies set aside
  8. Start researching homes in your budget 
  9. Attend open houses and THINK…..Long Term
  10. Prepare to close on your new home and move

 

 BONUS BONUS TIPS

 FICO Scores below 620...Here is what you can do to supercharge your Score!

 

  1. Pay off any collection accounts. If you cannot pay off all at once start with the smallest balances. The others work with the creditor on a payment plan that works for your budget. 
  2. Judgments/Liens- Contact the Creditor to work out payment terms. The longer they are unpaid the more accrued interest you will have to pay. 

 


The Good, The Bad, and The Ugly About Contract Sales!

This is your opportunity to learn how a typical real estate investing in underserved communities does social good, by generating multiple revenue streams for investors. TruPodcast series host and investor Ryan DeMent candidly shares his personal experiences and current industry insight that you won't find elsewhere. Let's get right to it. Ryan DeMent here from TruVest.

Hope you're having a great day. Today's topic owner financing contracts. I have to say I'm fired up because I get anywhere between five to 10 calls a week on contracts and guess what? They're worthless. And the reason why is because they're not recorded. They don't give you any type of home ownership. If that contract that's put in writing and it's not recorded with your county assessors office and you become the actual owner of the property, you're getting no benefits. And the other piece of it is probably 90% of the contracts that are recorded or put together don't even get reported to your credit.

So that balloon came that you have 12 to 24 months down the road. Guess what? You have to go get a real mortgage from a bank that potentially is not going to actually finance you because your credit is not good. So why do you want to do a contract? Good question. I don't have an answer, but I can tell you this. If a contract is done right, it should benefit you. It should one list you as the owner. Two, it should be serviced by a mortgage entity to where you send your payments to three, it's reported to the credit bureaus. So you get positive and negative tradelines for your payment history and the fourth, you should be able to write off the mortgage interest on that property when you're making those payments annually.


There is How Much in Closing Costs?

Hey guys, Ryan DeMent here from TruVest hope you guys are having a great day on this podcast we are going to talk about closing costs for a mortgage and this example is going to be on an FHA loan for $80,000 the reason why I'm doing this is we get a lot of people telling us that they think buying a home with a mortgage, you're going to come zero out of pocket.

Well, there are some loans that are that way. There's a VA and there's a USDA that I know of and guess what? You have to be a veteran to get that or USDA is you basically live in a rural area. Well everywhere we're working at right now is not rural and the individuals that are coming to us right now are not veterans.

The veterans that we are working with totally understand this process and willing to work through it, but most people that we're talking to and we educate them upfront that they literally need to have 4.5 percent of the purchase price in their bank today to make this purchase work. If you have any questions, comments, please feel free to reach out to me. Look forward to talking to you guys. Have a great day.


Travel Updates, Connections, and Market Insights!

Hey guys, Ryan DeMent from TruVest hope you're having a great day. Third installment of the Vlog. Got Three things to talk about my trip to Indiana last week and the good people that I met, some things that are going on with us and last is a little bit more of a general market overview of what I'm seeing with the tools I'm using.

Some of the things that, that I'm coming across and how we're going to look at them. Because as much as we don't want to say it, there is a market correction coming. It's out there, it's brewing, we're looking at it, but we've got to do something with it. So I'm going to talk a little bit about it, put it out there up front, talk about what we're doing. So let's get started. So last week I was in Indiana, had a great time. I met some great people. I got to meet Stephen Ralph, the director of antipoverty initiatives at the Evansville Christian Life Center. They've got a great educational program that we're going to jump on board with and refer potential home buyers to that need some extra help with financial literacy and then also their credit. So I'm really excited about that.

So I'll share a little bit more about that. Met Two individuals that are fed up and ready to be homeowners, and the beautiful thing about it is they're ready to make that leap in themselves, in that change to where they can be able to make a difference in their own life and become a homeowner. They're not looking to rent, they're not looking to hang around, they're looking to be able to push forward. And they finally have hit a point in their life where they said, hey, guess what? I want to make a change and I'm here and it's refreshing


TruHome FOR SALE: 1627 East Indiana Street, Evansville, Indiana

Great Starter Home-You Just Move In! No Work Needed!
Price: $87,500

Renovation in Progress-House will be ready April 5th (2 Beds/1 Bath). Great starter home that only needs for you to move in. First-time homebuyers we want to talk to you! Financing available through Old National/ Land Home Financial. Down Payment Assistance is Available! This home includes:
-New Roof
-New HVAC 95% efficient unit with a 2 Ton AC Unit
-The entire home was re-wired with new electrical and a new Breaker Box
-All new Double Pane Low E 
-6-foot privacy pressure treated wooden fence in backyard with a Fire Pit
-Gravel driveway
-New downspouts and soffit
-EcoBee Thermostat
-Ring Doorbell
-Ring Security System
-1 Year Home warranty

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Who We Are:

TruVest collaborates with local communities, homeowners, and cities to develop affordable housing. Investing in communities to drive economic growth, create quality housing and financing options to improve neighborhoods and families quality of life. We strive to make a meaningful impact in every aspect of our collaborations and companies culture and core values

Contact Us: Phone:(833) 878-8378
E-Mail:info@truvest.co


Affordable Housing Project Aims to Revitalize Jacobsville Neighborhood on 44 News

Our affordable housing collaboration officially launched in Evansville, Indiana with Mayor Lloyd Winnecke and Evansville Promise Zone. We are thrilled to have such amazing coverage by 44News on how we are making an impact on families quality of life by owning a TruHome.

The Promise Zone and a company called TruVest are partnering to not only create affordable housing in Evansville but also create homeownership opportunities for the people living there.

Instead of knocking down homes, and building new ones, TruVest is renovating blighted homes in the Jacobsville neighborhood. At the same time, those who need affordable housing will have the opportunity to actually own homes instead of renting them.

This partnership will help provide first-time homeowners with the tools they need to keep their credit up, continue to pay mortgage payments and all the other things that go into owning a home.

TruVest co-founder Peter Bordes says, “We’re going to find a balance between what we renovate, and then what we do helping the land bank taking those empty lots, and then developing new homes on them, but always with the idea that we’re not looking to gentrify neighborhoods, and we’re not looking to make the prices go up. We want to be able to keep them in line with the integrity of the neighborhoods.”

Mackenzee Pagett and her two children will be moving into this first house within the next few weeks. She tells 44News Evansville she’s very excited being a first-time homeowner.