Hello Charles:

I have to concur with Gene and Stefanie. The first step is to consult with a good mortgage loan officer. You're certainly taking the right steps now and I applaud you for this. I would like to refer you to a super document that's put out by the Fair Isaac Company - they're the people who actually create the credit scores (FICO). This booklet not only explains how your score is evaluated but gives you some excellent advice on what to do to improve the score. Here's the link: http://www.myfico.com/crediteducation/brochures.aspx#uycs

If you would like the name of some good mortgage brokers/lending companies, I can certainly pass on the names of those we've had good experiences with.

I also urge you to avoid any "credit repair" businesses. They don't do anything for you that you can't do yourself other than charge you a lot of money for it.

Gene is right, you don't want to wait too long because you'd want to be able to take advantage of the $8,000 homebuyer's credit for this year. If you'd like more help on the actual buying process, don't hesitate to contact me. We'd be more than happy to sit down with you to explain the process, step-by-step and to guide you in the right direction.

I wish you the very best of luck. You're certainly taking the right steps and asking for the right help!

Angela
Villa G Realty, Inc.
Tel: 954-816-7996

Charles:

Congratulations on your decision to start the home buying process!

My suggestion for the most beneficial place to start the process is this ... contact your professional mortgage banker as soon as possible. Your lender will be able to inform and guide you through the home buying process from pre-qualification to closing and beyond. I'd also suggest that if you wish to buy before the end of the year and this is either your first home or you have not owned a home within the last three years, do so before the beneficial first-time homebuyer's tax credit provided by the new stimulus package runs out at the end of November, 2009.

Because you presently have lower FICO scores on your credit report, it would be best if you got started immediately on your financing. By starting the process now, you will have time to address any credit-debt issues that might crop up on a credit report or boost your scores a bit prior to application. Pre-qualification will also answer the question of price range of home that you can afford and be approved for.

You have some real positives going for you, Charles. Your 20% down payment, stable employment, and income will be extremely beneficial to you in obtaining a loan. I applaud you for these financial accomplishments.

If I can be of further assistance to you while you pursue your home, please do not hesitate to contact me.
I can be reached here at trulia.com, my website, http://www.genemundt.com, my email (gene@chicagobancorp.com), or Direct Line 815.277.4036. Best of luck to you in this pursuit!

Gene Mundt, Professional Mortgage Banker http://www.genemundt.com
Chicago Bancorp http://www.genemundtmortgageblog.com

PS: If you would wish further information regarding the First-time Homebuyer's Tax Credit ... please view and print the Tax Credit flyer found on my website. I believe it will be of assistance to you in understanding the parameters of this beneficial program.

Charles,

The best advice I can give is to speak with a mortgage consultant. They can guide you regarding your credit and point you in the right direction. A bank that you do business with is a good place to start.

Good luck!
Stefanie Cohen
Prudential Florida Realty
954-547-9203
Scohen77@aol.com