A Step By Step Guide To Fixing Bad Credit

Dated: February 17 2016

Views: 183


If you’re considering buying a home, your first step should be to meet with a lender to determine whether you qualify for a mortgage and, if so, how much you can borrow. 


Your ability to qualify depends on several major factors:


  • Credit Score. You typically need a credit score of at least 620 or higher to qualify for a mortgage. The lowest interest rates are available to borrowers with a credit score of 740 and above.


  • Income. You must prove that you have a steady income and can afford to repay your mortgage.


  • Debt-to-Income Ratio. Your lender compares the minimum payments on all outstanding debt to your gross monthly income. While the maximum allowable ratio varies by lender, most will not go above 41% to 45% for an overall debt-to-income ratio.


  • Assets. You need to prove you have the savings to pay for a down payment and closings costs, as well as have some cash reserves in the bank.


If you fall short on any of the above criteria, ALL IS NOT LOST!!  


Most Realtors and Lenders will tell you that you may be better off renting until you can improve your credit score and save more money.  I have a different idea though.... What if I could show you a simple process that could potentially improve your credit score, and, what if I located a source of down payment assistance that could help you purchase?  Would you be interested?  The simple truth is, such programs exist, and with some effort on your part, and a little guidance from me and my Lender Partner, you can likely be in a home of your own within a reasonable amount of time.


Buying a home is a major decision that shouldn’t be taken lightly, but when faced with rising rent and low mortgage interest rates that make purchasing more affordable, you should take the time to consider the pros and cons of both renting and buying. Long-term homeowners, even those whose homes lost value during the recession, can build wealth that can be used to fund their retirement or pay for college. As long as you can comfortably afford your housing payments and are emotionally prepared to commit to home ownership, buying a home can be a smart financial move.


If you're interested in learning more, or, to check out what it will take for YOU to be among those of us who enjoy owning our own homes, give me a call or send me a text message.  In the meantime, you can download my FREE mobile app to search for homes while you're on the go.  Simply TEXT 'terry' to 859-780-5527.


I've also included a link to a few homes in and around the Independence, KY area that would make a great home for you to look at.  Check them out below...

{mls: 448443}
{mls: 451661}
{mls: 447380}
{mls: 447617}
{mls: 447432}
{mls: 451453}
{mls: 451111}
For additional info about these properties, CLICK on any of the pictures in this report.
If a picture isn't displayed, the home is no longer available.

Terry Eibeck and Regional Realty specialize in Residential Real Estate. We have the tools, time, staff and market experience to provide you with professional results!.  To see any property listed for sale throughout Northern KY, Lexington-Bluegrass and Greater Louisville MLS give us a call at (859) 620-7653.  Visit us on the web at www.nkyHomeHub.com


To search all properties for sale in the Northern KY MLS download my free app by texting 'terry' to 859-780-5527

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Featured properties may not be listed by the office/agent presenting this brochure.  Information has not been verified, is not guaranteed and is subject to change.  The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS. 

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Terry Eibeck

Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....

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