Know your credit - Pull a credit report and find out your exact FICO score. Examine your credit report for any errors. Immediately report any discrepancies on your credit report.
Prepare your documents - Assemble a personal history file. You should have your tax returns for at least the last two years. Have pay stubs for a full calendar year or an income verification letter from your employer.
Save for a down payment - Every dollar put down makes getting a low credit score home loan easier. Down payments may also help you get a lower interest rate and a lower monthly payment.
Shop for lenders - Even borrowers with low credit scores will find numerous home loan lenders. Select several to interview. Check their backgrounds with the Better Business Bureau or obtain references from friends. Arrange to meet with your chosen loan agents. Discuss the amount of mortgage you can afford and the type of loan your credit will require. Even with a low credit score you may be able to pre-qualify for a loan. Pre-qualifying makes the actual hunt for a home much easier.
Negotiate terms - The low credit score home loan market is very competitive. Don’t be afraid to negotiate and don’t be intimidated by the lenders. Ask if better terms are available.
Wednesday, January 30, 2008
By : ABC Loan Guide
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3 comments:
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Thanks and regards
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