Preparing To Purchase A Home

Dated: June 24 2020

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When Preparing to Purchase a Home the First Step is getting your finances and credit in order. Mortgage Lenders Review you Credit History, Employment Status, Income and Debt to qualify you for a mortgage loan.

Credit Scores - 620 or Higher FICO scores will ensure you get a good mortgage rate

Income- documented income (check stubs, W-2s, 1099s, tax returns will be used to verify your income) If you own a side business or self employed the amount of write-offs you take can affect your qualifying income

The Amount Debt you have can reduce your qualifying Income: Loans, Credit Card Debt, Owed IRS Taxes or Repayment Plans, Student Loans, & Child Support. .

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Tolechia Lane

I purchased my first home as a single mother in my early 20's, so I know the fears, the anxiety and the financial responsibility that comes with such a large purchase. But I also know the pride, joy a....

1 comments in this topic

  • Posted by Demeterious Boone
    07/13/2020
    My credit isn’t the greatest. I wanted to find out the steps to become a first time homeowner

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