Home Buying in 49009>Question Details

Kalamazoo Mo…, Real Estate Pro in Kalamazoo, MI

When it comes to getting pre-qualified as a first-time buyer, what is your greatest concern?

Asked by Kalamazoo Mortgage, Kalamazoo, MI Sat Jan 26, 2013

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We get that a lot Joan. It's amazing how sometimes a simple credit analysis and review can do wonders for the borrower looking to get pre-approved. Credit utilization makes up 35% of a borrowers credit score, many times we can have the borrower pay as little as $100 down on revolving trades and it adds several points to the score. We utilize a "What If" simulator, what this does is allow us to plug in an amount of available cash and run a scenario to see exactly how many points the borrower can add by paying down revolving debt. Once this is paid down, a simple re-score and now you have a pre-qualified borrower. I'd highly recommend you ensure your lender has this capability or you could be jeopardizing a potential pre-approval.
1 vote Thank Flag Link Sun Jan 27, 2013
I have found most of my first time home buyers have never looked at their credit score! Credit score and debt to income ratio are the 2 biggest hurdles for first time home buyers.
0 votes Thank Flag Link Wed Apr 24, 2013
I'll answer as an agent: My greatest concern for my buyers is that they are unable to obtain a pre-approval.
0 votes Thank Flag Link Sun Jan 27, 2013
In my Florida Buyer's Guide, not only are the major factors for being approved listed but the 'red flags' lenders look for are listed as well. Looking to buy in Tampa FL, you really should request this PDF.

Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Sun Jan 27, 2013
Not being pre-qualified or pre-approved.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Jan 27, 2013
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