02/07/2022
Myth Buster : Most people think you need a high credit score to buy a home that’s not true. Their are multiple loan programs such as Conventional, VA, USDA, & FHA which is the most atttractive to first time homebuyers because it’s allows you to purchase a home with a minimum 3.5% down & a credit score of at least 580 and higher. If you’re looking to buy your first home. Here are some tips.
1. Find a reputable credit repairer who can assist you. If you have a better credit score and a more established credit file, your interest rates will be lower.
2. Consult with your credit repairer to see how you can improve. Tell your credit repairer that you want to buy a house so that you're both on the same page and they can work toward establishing your credit file properly. In addition, they should tell you that as soon as your credit file is ready to be used by lenders, you should not finance a car when you are in the process of purchasing a house. (They’ll go over this more with you as to why.)
3. Find a mortgage lender. One of the most important pieces to the puzzle of buying a house is a mortgage lender. It's essential to find a mortgage lender who really is looking out for your best interest, you'll want them to be available to answer your questions, but don't go overboard. Your lender should be able to explain to you all the homebuying loans that their bank offers and how they benefit you. They can assist you in qualifying for the loan & ultimately getting the best bang for your buck. After finding a lender you like, it's time to get pre-approved. Your lender will do a thorough review of your credit and finances to figure out what houses you qualify for. They'll then send you a pre-approval letter, which means you're ready to start looking for a home.
3. Finding a real estate agent here’s the next important piece in the puzzle now that you have your pre-approval letter you’re ready to purchase your first home. Your agent will submit offers on your behalf, schedule home tours, speak with your lender, inspectors, and more to ultimately get you the perfect home and protect your investment. You should look up realtors in your area, read their reviews, check their website, see what they have sold recently, how are they perceived by their clients, how qualified are they; feel free to contact them and interview them because they will be a valuable partner on your journey.
4. Finding your dream home now that the complicated parts are over now is the fun part finding your home. Since you’re working with a agent you tell them what you’re looking for in your price range then they send over homes currently for sale in your price range and you can also look on listing sites such as Redfin, Realtor.com & more but the listings you receive from your realtor will be most accurate due to the direct access to MLS (Multi-Listing Service) which gathers tons of data in one system for ease of access. When you find the home you like call or text your agent to request a tour. Your agent will tell you about their process & how to make it go smoothly. Your real estate agent will be your best friend when finding a home so pick a good one.
If you’re ready to fix your credit feel free to book a appointment with us to get started.
