Kentucky First Time Home Buyer Programs For Home Mortgage Loans

😳😲👎👎👎👎👎 These tips will keep you on the right track both during the prequalification phase and right before the loan process begins. Do not apply for new credit It’s not uncommon to get invitations to apply for lines of credit.  Just don’t respond to these offers ­ no matter how good it sounds.  Why?  If you do apply for new credit, the creditor will pull your credit.  This inquiry can potentially lower your credit score. Also, do not apply for new lines of credit for furniture, appliances, computers or similar items INCLUDING offers for “no payments for 6 months.” Do not max out credit accounts Running up your credit card balances is one of the fastest ways to bring your credit score down.  Once you begin the loan process, try to keep your credit cards well below the available credit limit during your billing cycle. Do not close out credit cards  If you close out accounts, it can change your ratio of debt to a...

 Do's and Dont's In Getting A Mortgage Loan Approval Letter  1- Do NOT buy a car or take a large loan with a new payment before you plan to buy a house if you can avoid it.  At least get pre-approved to buy a house BEFORE you buy the car so that you are fully educated on what your max car payment should be to still be in position to buy a house and get approved. Yes, even if you don't think you are buying a house for another year it is still important to educate yourself that far in advance if you feel that you will be taking on new debt (car loan, credit card, etc) I continue to see younger home buyer prospects with $500 car payments and then want to buy a house for the first time but can't get approved because of debt to income ratio. 2- Know your credit and manage it.  Don't wait until 2 months before you want to buy to get pre-approved if you have NEVER been pre-approved before. Too many times do I get the call that my lease ends in 2 months...