You need to do this NOW if you plan on buying a home later

Dated: 04/22/2019

Views: 151

So you’ve decided that you want to buy a home. Maybe because you want to have as many dogs or cats as you please? Or are ready to make one of the biggest investments of your life.

Eitherway, you are wondering where do I start?


1. BUILD YOUR CREDIT

Having a great credit score will not only get you a  lower interest rate but also a lower down payment! Most mortgage companies use a type of credit score called FICO credit score. You can click  here to find your FICO credit score for free.


Mortgage type

FICO Credit Score

Downpayment

First Time Homebuyer (FHA loan)

500-576

10%

First Time Homebuyer (FHA loan)

580+

3.5%

VA Loan

Varies but usually 620

0%

United States Department of Agriculture (USDA loan)

Varies but 640 triggers automatic approval

0%




To improve your FICO credit score you should:

  • Pay your credit card payments on time. Call your bank to see if you can set up payment reminders in the form of texts or emails.

  • Reduce your debt. Pay off your highest interest card while maintaining the minimum payments on your other cards.

  • Don't close unused credit cards as a short-term strategy to raise your scores.

  • Don't open new credit cards that you don't need


2. SAVE UP FOR YOUR DOWN PAYMENT

While loans like the VA and USDA don't require a down payment, you will have to pay the funding fee and some closing costs.

As a general rule of thumb, you should determine what loan you might qualify for and what the downpayment is on that loan, then add an extra 3%. For example, if you qualify for 3.5% down payment FHA loan you want to have at least 6.5% saved up.


3. GET DOWN PAYMENT ASSISTANCE


4. CALL ME


Lesly Salinas

Broker-Salesperson at Winning Realty

Toll Free: (844)473-5583

Office: (702) 827-1010 EXT. 888

Fax: (702)827-1048

Cell: (702) 523-9020

Website: Vegashousesforyou.com

Email: lesly@winningrealty.com

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Lesly Salinas

Lesly Salinas is a bilingual, truth-worthy Real Estate Broker-Salesperson in Nevada. She was born in El Salvador and moved to Las Vegas at the age on nine. She learned English in 6 months, and quickl....

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