topic First time buyer in Home loans https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer/01/1120907#M627 <P>Hello! I would be a first time buyer and my credit is not very good. What should I do?</P> Sun, 09 Feb 2020 21:38:06 GMT Ajones91 2020-02-09T21:38:06Z First time buyer https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer/01/1120907#M627 <P>Hello! I would be a first time buyer and my credit is not very good. What should I do?</P> Sun, 09 Feb 2020 21:38:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/first-time-buyer/01/1120907#M627 Ajones91 2020-02-09T21:38:06Z Re: First time buyer https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-buyer/01/1127215#M638 <P>There are lots of things you can do to investigate and prepare.</P> <P>&nbsp;</P> <P>Start by talking to an independent mortgage broker, they will work with many different lenders and will know which lenders might have programs for you.</P> <P>&nbsp;</P> <P>Check with your state, there might be a low income or first time homebuyer program. &nbsp;For example, New York has a program where, if you make small monthly deposits to a savings account, and take some classes on money management and home ownership, the state will match your deposit for closing costs. &nbsp;New York also has a low income homebuyer program with favorable interest rates and low down payment requirements.</P> <P>&nbsp;</P> <P>Do whatever you can to improve your credit by paying off loans and credit cards. &nbsp;You probably won't qualify for a mortgage unless all your debt payments (all loans, credit cards and the new mortgage) will be less than 38% of your monthly income (some say 43%, but not with poor credit).</P> <P>&nbsp;</P> <P>Are you flexible about where you live? &nbsp;Some cities may offer incentives like down payment assistance or low rates to buy in areas that are in need of good neighbors. &nbsp;</P> <P>&nbsp;</P> <P>You may need to wait until you can both pay off your debts and save for a downpayment. &nbsp;That may be the unfortunate reality.&nbsp;</P> Mon, 10 Feb 2020 19:43:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-first-time-buyer/01/1127215#M638 Opus 17 2020-02-10T19:43:15Z
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<P>Hello! I would be a first time buyer and my credit is not very good. What should I do?</P>
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<P>There are lots of things you can do to investigate and prepare.</P> <P>&nbsp;</P> <P>Start by talking to an independent mortgage broker, they will work with many different lenders and will know which lenders might have programs for you.</P> <P>&nbsp;</P> <P>Check with your state, there might be a low income or first time homebuyer program. &nbsp;For example, New York has a program where, if you make small monthly deposits to a savings account, and take some classes on money management and home ownership, the state will match your deposit for closing costs. &nbsp;New York also has a low income homebuyer program with favorable interest rates and low down payment requirements.</P> <P>&nbsp;</P> <P>Do whatever you can to improve your credit by paying off loans and credit cards. &nbsp;You probably won't qualify for a mortgage unless all your debt payments (all loans, credit cards and the new mortgage) will be less than 38% of your monthly income (some say 43%, but not with poor credit).</P> <P>&nbsp;</P> <P>Are you flexible about where you live? &nbsp;Some cities may offer incentives like down payment assistance or low rates to buy in areas that are in need of good neighbors. &nbsp;</P> <P>&nbsp;</P> <P>You may need to wait until you can both pay off your debts and save for a downpayment. &nbsp;That may be the unfortunate reality.&nbsp;</P>
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<dc:date>2020-02-10T19:43:15Z</dc:date>
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