5 Steps For First Time Home Buyers, 2011 version

5 Steps For First Time Home Buyers, 2011 version.

I specialize in Kentucky FHA/VA ,USDA, KHC, Fannie Mae mortgage loans in Ky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit/pre-approvals in 1 hour Call me today at 502-905-3708 or email kentuckyloan@gmail.com I compare Kentucky Mortgage Rates daily to get you best rates in Ky

NMLS # 57916


22 thoughts on “5 Steps For First Time Home Buyers, 2011 version

  1. http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf

    Eight Steps to a Higher Credit Score

    Dos & Don’ts For A Higher Credit Score
    We all know that a higher credit score means better interest rates and terms on a mortgage loan. However you may be surprised to know what helps you to improve your credit score and what can actually negatively affect your credit score. Below are some tips on how to improve your credit score to get the best home loan possible. How much will it help you save? Check our mortgage rate comparison calculator to find out.

    Do Pay Down Balances

    High balances on revolving debt like credit cards (even if they are store cards with no payments or interest deals) have a large negative effect on your credit score. In fact even if you have never been late on a payment in your life high balances could leave your credit in the low 500s! Pay down balances below 30% of the credit limits and if possible below 25% of the credit limit. For example, if you have a credit care with a $500 credit limit, try to pay it down to under $100 or less for 2 months. Do not close the account—This is the quickest way to raise your score. There are other items below, but this is the most important one you need to do for a quick rise in your scores.

    Do Remove Inaccurate Information

    Even if you have fixed it before, negative information may have been reported again. Make sure nothing is showing up now or dispute these inaccuracies with the credit bureaus. For more information on how to do this see how to remove negative items from your credit report.

    Don’t Allow Multiple Inquires On our Credit

    Despite the official regulations and what some people will tell you, multiple inquiries into your credit will have a negative impact on your credit score. be very careful who you allow to pull your credit.

    Do Resolve Federal Tax Liens

    Liens or judgments related to federal taxes will not only negatively impact your credit score but can prevent you from qualifying for a mortgage.

    Don’t Pay Off Old Collections & Charge Offs

    Charge offs and collections reported on your credit that are more than 2 years old really have very little impact on your score. Save your money and focus on those items that get you the most score for the money.

    Do Negotiate Pay Offs On New Collections
    Collections reported on your credit within the last 2 years will affect your score. However often these creditors and collection companies will be glad to settle the account for 50% or less of the outstanding balance. Though make sure you get everything in writing as it can take a while for them to update this information to the credit bureaus.

    Don’t Close Accounts
    Contrary to rumors out there mortgage lenders normally require that you have open trade lines, often at least 3 to 5. They also often look for minimum credit limits, wanting to see that you have credit limits of at least $500 and sometimes as high as $2,500 to $5,000. Part of your credit score is also based on the length of your history with creditors, meaning the longer your accounts have been open the better your score.

    The following is a list of documents that may be required to process your mortgage loan:
    · 2011/2010 tax returns and w-2’s
    · Last 30 days of paystubs
    · Last two months bank statements for all accounts
    · Documentation to support your funds to close
    · Explanation for any derogatory credit (if applicable)
    · Bankruptcy and discharge paperwork (if applicable)
    · Divorce decree and settlement paperwork (if applicable)

    Read more: http://mylouisvillekentuckymortgage.com

    Joel Lobb (NMLS#57916)
    Senior Loan Officer
    502-905-3708 cell
    502-813-2795 fax

    Key Financial Mortgage Co. (NMLS #1800)*
    107 South Hurstbourne Parkway*
    Louisville, KY 40222*

    Joel Lobb (NMLS#57916)
    Senior Loan Officer
    502-905-3708 cell
    502-813-2795 fax

    Key Financial Mortgage Co. (NMLS #1800)*
    107 South Hurstbourne Parkway*
    Louisville, KY 40222*

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