TruHome Trucks Hitting the Road
We could not be happier with how our Logo looks on our trucks! Be on the lookout for us around Evansville and the surrounding areas! Please follow us on FaceBook!
TruPodcast-Episode 4 Silas Matchem
Hey Tru Team! In this episode of the TruPodcast our guest is Silas Matchem! Silas is the Executive Director of the Evansville Promise Zone. We discuss what and how the Promise Zone impacts its residents and businesses. Silas also discusses different aspects of what the Promise Zone is doing to help during this tough time. If you need to get ahold of Silas he can be reached via e-mail at Silas.Matchem@echohousing.org
Are You Ready to Take Control? Side Hustle
Last night the Senate passed the $2Trillion Stimulus Bill. It is now off to the House for a vote on Friday. What this means is there will be some relief in sight for Americans and small businesses. Now, that being said we still need to be vigilant about ensuring our most important needs are taken care of. But the one thing we have to remember is that adversity either breaks us or we beat it! Now is the time to rise up and fight through this adversity!?
From our last post, we outlined the initial steps that you needed to take to ensure your immediate needs were taken care of. If you did not see that post here it is.?
For us that are under orders to stay home, we have an opportunity to generate some much-needed cash. What I am talking about is selling the stuff you have in your house. We all have items that we bought to just have, and now those things can generate some much needed ???.? Here is what I am doing to generate some additional monies.
- Sell items on eBay?
- Clothes
- Watches
- Video games and console
- Old cell phones
- List larger items for sale on Craigslist
- Mountain Bike
- Desktop computers
- Kitchen gadgets
The list above is what I identified in my house that I am going to be selling. You can also sell items on apps like LetGo and Mercari.?
I have a question for you?..?
How many items do you have in your home that you can sell?
Next Steps: Turning a Passion into an Income
Stay Tuned!
Be safe and healthy!
Are You Ready to Take Control?
As each one of us navigates this new daily life there is a lot of uncertainty what tomorrow will look like. Please take a moment each day and be thankful for your loved ones! Today, we got some good news that the Senate has passed a $2 Trillion Stimulus Bill. At this time there is very little information out there on how these funds will help small businesses and households. Right now we are on edge and want to know when this will all end.? How do we get through this? We go on the OFFENSE! In a time like this, we all need to ensure our basic needs are covered. How do you get those basics covered??
- Determine what you need to live on a monthly basis
- Rent, mortgage payment
- Utilities
- Food
- Car payment
- Health Care?
- All other bills
- Are you eligible for unemployment benefits?
- If yes, make sure you apply immediately
- If no, are you eligible for other State or Federal assistance
- Contact your Landlord or Mortgage Company
- Ask for a deferment or forbearance for your monthly payment
- Determine what option works best for your situation
- If you need HELP please call us at (812) 777-5850 or email us at Ryan@truvest.co. Free of charge!?
TIP: Deferred/forbear payments-Options
- Deferment- Could be moved to the back of your loan or rental agreement-Extended terms
- Could increase your monthly payment
- Forbearance- You will not have to make payments for a period of time
- Payments can be moved to the back of your loan OR
- The payments will be added to the balance of your mortgage or rent.
- This option could increase your monthly payment
- Contact other creditors
- Ask if they offer deferment/forbearance/hardship programs
Next Steps: Side Hustle
Stay tuned!
TruPodcast-Corona Help Day Three
Day Three
Today, I wanted to talk about how things are going with TruVest and how we are reaching out to other small businesses to see how we can help. This virus is taking the life out of our economy, but it does not mean you cannot still thrive. If you are a bar, restaurant or other retail company there are other options available to you via social media. If you are a business that is struggling and need some assistance with your marketing please reach out to us directly at (812) 777-5850. We can help you create marketing campaigns that can drive traffic to your website or generate orders. We will run one social media campaign FREE OF CHARGE for you. If you need assistance in other areas of your business we will connect you to one of our partners that specializes in that area. Stay safe and healthy out there and I look forward to speaking with you in the near future!
TruPodcast-Chasing Happiness
TruPodcast Episode 1
We are excited to be re-launching TruPodcast. The TruPodcast is going to cover three life topics:
- Chasing Happiness
- Business-Real Estate included of course
- 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!
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:
- Know your credit! Get a free copy of your credit report
- If you need help understanding your Credit Report?.Get Help
- If your FICO Score is at or above 620...Great
- 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
- Understand how much you can afford and what costs are part of your mortgage payment?
- Save for a Down Payment. As little as 3.5% of the purchase price (Grant options are available)
- Know what Closing Costs will be on your loan and have those monies set aside
- Start researching homes in your budget?
- Attend open houses and THINK?..Long Term
- 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!
- 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.?
- Judgments/Liens- Contact the Creditor to work out payment terms. The longer they are unpaid the more accrued interest you will have to pay.?