Saturday, January 8, 2011

New Year's Resolution for Buyers: Qualify for a Mortgage Now to Buy a Home

Resolution for buyers

New Year's Resolution for Buyers

Many would-be buyers have mentally disqualified themselves, despite the great economic climate for buying a home, because they have heard it is so difficult to get a mortgage.  qualify for a mortgage

The fact is, with a 620 credit score and a 3.5 percent down payment (plus closing costs, in some cases), an FHA loan can finance the purchase of your home.  Start with the basics - pull your credit reports from AnnualCreditReport.comand check them for errors, following the instructions to dispute any inaccurate information that might drag your score down.  Then, get referrals to a local mortgage broker who can pull your credit score - the same ones the banks will look at - and let you know where you stand, as well as giving you some tasks to boost your score to where you need it to be, if it's too low.  Don't talk yourself out of even applying for a home loan; instead, get a professional's opinion about your purchasing power and their help in getting yourself ready to buy.

home buying strategy 

The other big to-do list item is saving up  "cash to close" - the money you need for your down payment and closing costs.  Again, work with a real estate broker or agent and the mortgage broker or professional - local to your area - to help you figure out about what your target savings amount needs to be. Then, get started going through your last month's bank account statements to see where you can eliminate expenses and direct those funds into savings, automatically and every paycheck, ideally. 

I suggest setting up a new savings account that you nickname "Home" or whatever gets (and keeps!) you inspired to stockpile your cash there.


This article is presented with permission granted by the author and real estate blogger, Tara-Nicholle Nelsonhttp://www.rethinkrealestate.comThis is for information only and not the providing of legal or tax services.

For information on seller and buyer opportunities for homes and real estate at Orange County, California, Newport BeachIrvineLaguna BeachCorona del MarNewport CoastHuntington Beach, or at Costa Mesa, please contact us. 

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®.

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