Products & Credit

With a comprehensive knowledge of the mortgage industry and the local marketplace, Hal Timinsky is highly skilled at evaluating each situation and identifying the best financing options for you. He also recognizes the importance of keeping his skills sharp, so Hal regularly attends mortgage courses dealing with critical industry subjects. Because of his commitment to this education process, he is able to answer your most difficult questions and guide you through the loan process quickly and professionally. By choosing Hal Timinsky, you can be confident that he:

Has a superior knowledge of both conventional, FHA/VA, jumbo, construction, and non-conforming loans.

First -time home buyers, grant loans, Your Way Home AZ, IDA grant funds,

Did you know that the AZ Department of House has $20M in purchase assistance available for qualified buyers?

The program is administered by the Arizona Department of Housing (ADOH) and was created to help homebuyers purchase foreclosed properties in the State of Arizona. ADOH has designated $20,000,000 in funds for the Your Way Home AZ Program. Buyers and properties must meet certain requirements including income level, location and purchase price.  The following are some key requirements for a buyer to qualify for the program:

  • Borrower must meet income requirements (not more than 120% of median adjusted for household size and County).
  • You don’t have to be a first-time homebuyer to qualify .
  • Borrower must complete homebuyer education program prior to closing.
  • Property  sales price must be at  least 1% below market value.
  • Property  must meet Mininum Property Standards. • Program requires 3% down on a property.
  • Borrower must commit at least 1% of purchase price from own funds. The other 2% may be from a gift.
  • Program loan is up to 22% of sales price.
  • Borrower must agree to remain in property for an affordability period (5-15 years depending on loan amount) or repay the second lien.

Credit Scoring

The credit scoring range goes from 350-850 points. The score is available through the three national credit bureau date repositories; Equifax, Experian, and Trans Union.

For an example, everyone starts starts with a 850 score. An amount is then subtracted for each “at risk” item in a credit profile. This results in a number which is compared to borrowers with similar criteria in delinquency, bankruptcy and foreclosure records .

One 30-day late on a VISA could reduce your credit score by 40 points.

A bankruptcy could reduce your score by 200 points.

A mortgage foreclosure could reduce your score by 250 points.

Six new credit inquires in the past 90 days could reduce your score by 50 points.

The credit scores are determined by:

The types of delinquent accounts you have, the number of accounts that you handled well without any slow payments, the number of years that you have been using credit,  how recent the slow payments occurred, the amount of credit that you have used (balances vs. limits), the source of your existing credit (revolving vs. installment or bank loans vs. finance company loans), and the number of credit  inquiries.

Correcting Errors

Under the Fair Credit Report Act (FCRA) requires the creditor to correct inaccurate or incomplete information in your credit report. Report to the credit bureaus and the individual creditor the discrepancy in writing, including your name and address,  clearly stating each item that you are disputing, and documents that support the facts. Send your letter by certified mail, return receipt requested, so you can document when they received your dispute. The FCRA states that the creditor has 30 days to answer your complaint or it can be removed from the credit bureaus.

You are allowed to receive a free credit report once per year to review your file from www.annualcredit

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