Home Buying in 19475>Question Details

Gerald Martin, Other/Just Looking in 19475

so I just asked a question here http://www.trulia.com/voices/Home_Buying/credit_score_of_what_are_my_odds_of_being_approv-311492-p_1-recent?ecampaign

Asked by Gerald Martin, 19475 Tue Aug 9, 2011

and I received some great advice but I guess I should expand a bit -- I have one outstanding bill, just shopped for the best rates on a new car loan, and co-signed for my daughters school loans to a great university. That being said, I do not have a credit card, and my only outstanding loan, other than a school for my kid is a car loan
no credit cards because I believe that if you can afford it don't buy it. Thanks to everyone that answered so far

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Good morning Gerald!

You possess a great philosophy of if you can't afford it, don't buy it! If all thought that way we would most likely not be looking at the upside down mortgages that people have managed to get themselves into. You mentioned outstanding bill, can you clarify that please? Does that mean it is an overdue bill?

If you are sincere in your interest to buy a home, it would behoove you to sit down with a loan officer to determine what you may need to do to improve your score by a minimum of 7 points. Trident Mortgage, Larry Long and Jason Ashe have helped other clients of mine with identifying what the consumer needs to do in order to boost their score. Sometimes it is literally over just a few months. If you'd like to reach out to them, you can reach them at 484-875-2550 or 2570. If email larry.long@prufoxroach.com or jason.ashe@prufoxroach. com.

The loan officer will also take into account what they call your Debt to Income Ratio (DTI). So again, I would feel that it best you speak with someone you can trust to collect your income information and your liabilities to determine your DTI. Depending on the loan program an acceptable DTI may vary.

You will also want to refrain from credit inquiries until you know specifically from the loan officer your financial strategy to be a new home owner.

I would liike to be more specific but without more info it would be imposible to give you more information.

Have an awesome day! If ther is anything that I can answer futher please let me knw. I am always happy to help.!
Dawn
0 votes Thank Flag Link Wed Aug 10, 2011
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