Many wanna-be buyers are being turned down for loans because of low credit scores or lack of down payment money. There are a few things you can do to gear up to get qualified for a mortgage.
1. Check out your credit history at www.annualcreditreport.com. What you don't know may hurt you.
2. Pay down debt and clean up any questionable accounts.
3. Start saving. A minimum of 3.5% will be required for a down payment on a loan.
Also, it is important to talk to a mortgage loan officer for some great advice. Often, a qualified mortgage officer can offer free advice about what accounts are dragging down your credit and explain how to raise your score.
If you need a referral for loan advice, contact Realtor Michelle Sloan.
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