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Low Credit Score? Your First Home May Still be Within Reach
Buying a Fishers home—especially if it’s your first—takes attention to detail, even for home buyers with spotless credit. The challenge is a good deal greater if your credit score has dropped below the level most banks require to approve a home loan.
The good news is that potential Fishers home buyers with less than outstanding credit can still buy their first home—if. That “if” is in italics because ignoring it can turn into a real stopper. The thing that can make buying a home possible even with spotty credit is if you do some careful financial planning. 
Careful = details are attended to—every one.
Financial = it’s about the money: columns of figures, dollars and cents—not emotion.
Planning = charting out the specific effects of actions taken now.
The first detail to be mastered is self-education: understanding the rules of the credit game. The most important factor banks use to determine mortgage eligibility is your FICO (Fair Isaac Corporation) credit score. FICO credit scores, which range from 300 to 850, are based on a number of factors. Two factors leading the parade are how much debt you have and your payment history. Usually borrowers need a credit score of at least 650 to ... more

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