First time home buyers-first time home buyer loans-first time home buyer credit scores

First time home buyer credit scores

First time home buyers are staring at a huge opportunity in today’s real estate market. Home affordability is at an all time high,mortgage interest rates at an all time low and they have a number of choices when it comes to first time home buyer incentives.
First Time Home buyer interest rates as low as 3.75%
First Time Home buyer down payment assistance
First Time Home buyer tax credit in Riverside County
First time home buyers are also facing more challenges than ever before in getting the their first time home buyer loan. But, if you know what those challenges are it’s easier to overcome them and put yourself on the path to homeownership.
To paraphrase one of the California gubernatorial candidates:
“I’m going to treat you like adults”
“Tell it to you straight” and then
“help you with a plan to fix it”.

Buying your first home is rewarding but with it comes responsibility, so It has to be as important to you as it is to us!
If it isn’t right now, wait until it is.
You don’t have to have perfect credit to buy your first home or to qualify for special low interest rates for first time home buyers, or down payment assistance for first time buyers, or even the special first time home buyer tax credit. BUT, you do have to meet certain minimum credit standards.
Your first time home loan lender is going to lend you hundreds of thousands of dollars and I think it’s reasonable that they evaluate your ability and willingness to repay that money as agreed and on time.
Your credit score is a reflection of your history of willingness to repay. If you struggle paying a credit card with a monthly payment of $100, how likely are you to repay your home loan on time if your payment is $300 more per month than you’re paying for rent?
So there are way too many variables in credit scores to explain, but it’s important to know that first time home loan lenders look at different criteria than do department stores or car dealers, so their credit reports and the ensuing scores reflect what they feel are the most import indicators. That is why your mortgage credit report may reflect a different score than the one you saw when you bought a car.
Getting your credit scores above the minimum standards doesn’t have to be a long time consuming process. I have a young couple as clients who were able to raise their credit score almost 30 points by paying down one credit card.
On the other hand, I have another couple as clients, who have a number of collection accounts that are the result of an injury and weren’t covered on time by their insurance carrier. To clear up these items and get them deleted, will require the help of a professional and probably take 3-4 months to clear up.
Every first time home buyer’s situation is different and if you think you need a professional evaluation of your credit as it relates to first time home buyer loans. Contact Us
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