Email: mail@creditrescuenow.com
Phone: (505) 899-1448
Fax: (505) 792-7785
Many consumers do not believe they can own a home due to their credit. I have seen consumers who thought their credit – because of past collections, tax liens or judgments – would keep them buying a house for seven years. This couldn’t be further from the truth.
I specialize in preparing credit for a home loan qualification. I have seen loans done with as little as 580 credit score. I work with a lot of mortgage lenders and have seen this happen firsthand.
Another thing that many consumers do not know is that you can have up to $1,000 in negative debt and still qualify for a home loan. Mortgage lenders go by your mid score: if Equifax is 660 credit score, Trans Union is 640 and your Experian is 200, your lender is going to go with 640 credit score to qualify the loan. Even if you have a present “late pay” on your records (as long as the late pay can be explained), you can still qualify for a mortgage.
Another good point to be aware of is that every three years you go without owning a home you become a first-time home buyer, which comes with (in most cases) down payment assistance through Mortgage Finance Authority. So if you lost a home to foreclosure four years ago, you should be okay to buy again within three years. (There may be some exceptions to this, but you will not know unless you try right?)
This is one of the best times to buy a home in history with very low interest rates which will allow you to have low house payments for what you already paying for each month in rent. Do not attempt to buy a home unless your financial environment is stable, of course, but don’t let vague worries about credit stop you.
Home ownership can be an important piece of your retirement. You owe it to yourself to explore options.
Until next time, good credit to you.
Address: 2601 Wyoming Blvd NE Ste 117, Albuquerque, NM 87112
Phone: (505) 899-1448
Fax: (505) 792-7785
Email: mail@creditrescuenow.com
Have a Great Day!