Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.  When money is tight, higher scores are required to obtain financing.  Your lender will advise you what current requirements will be.    Your payment history. Whether you paid credit card obligations on time.   [...]

If your income and savings are making home buying a challenge, consider these options.  1.      Investigate local, state, and national down payment assistance programs. These programs give loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Down payment Fund from [...]

Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.   Reduce [...]

Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.  1.      Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.  2.      [...]

Be sure you find a loan that fits your needs with these comprehensive questions. 1.      What are the most popular mortgage loans you offer? 2.      Which type of mortgage plan do you think would be best for us? Why? 3.      Are your rates, terms, fees, and closing costs negotiable? 4.    Will I have to buy [...]

  When you are ready to begin looking at various houses to find your dream home, you need to prepare all of the necessary materials to present to the lender.  Your lender will tell you exactly what you can afford so that you do not spend time looking at “too much” home.  There are three [...]