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Home Loans and Your Credit Scores

So you have decided to take that bold step towards the American Dream of home ownership but you don't know your credit scores. You are bit nervous because you've made a few late payments here and there or may even have gone through a bankruptcy. Experienced mortgage brokers understand that life happens and credit reports can get bruised by events such as unemployment, illness or other financial difficulties. Be honest and up front with your mortgage lender. Disclose everything you are aware of. They will soon have your credit report and that itself will reveal your credit worthiness.

Statistics say that the average household has more that $10,000 in credit card debt. If you too are swimming in excess debt its time to get a grip on it. Depending on where you stand, consider these recommendations:

Get a handle on your spending. I challenge you to keep track of every dollar that you spend over the next 30 days. You will find that you are spending hundreds if not thousands of dollars on unnecessary items. Do not use credit cards for things that you consume quickly like meals or gasoline in your car. There's no faster way to fall in debt than to use your credit cards for things that you cannot pay in full when the bill comes around.

Avoid the minimum payment trap. Credit card companies love this. They rack up high yields on the consumer that does not pay in full each month. The worst part of it is that most people are paying interest on dining out, groceries, even the clothes on there back. Do not pay the minimum as you are more than likely only covering the interest.

Lets say your credit is already shot up in pieces and these first two recommendations are simply too far out of reach. Find out where the nearest Consumer Credit Counseling Service is located and schedule a consultation. The mission of CCCS is to promote sound financial management. They offer expert financial counseling and work with your creditors to reduce the interest and get you on a reasonable schedule to paying off your debts.

Should CCCS not be an option you should consider filing a Chapter 13 bankruptcy. Also referred to as a wage earners plan, a Chapter 13 BK enables you to develop a plan to pay off all or part of your debts. Repayment plans are typically three years but can be stretched to five years under certain circumstances. Once you start this plan, creditors are forbidden from continuing collection efforts.

If you are so far in debt that you can never repay it, then the best solution may be a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is the least desirable from a credit standpoint, but you are typically out of bankruptcy in 6 months and you don't have to repay any debt. The disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy. FHA guidelines state that you can be approved for a mortgage two years from the discharge date of a Chapter 7 BK. You cannot have accumulated any negative credit since filing and need to have re-established at least three trade lines. Secured credit cards are a perfect tool for accomplishing this task.

Savings is the key. Make it a personal goal to build cash reserves equal to three months of living expenses just in case of an emergency. Mortgage lenders love to see stability in borrowers just for that reason. Savings and liquidity could determine whether or not you can get approved for a home loan.

As far as credit is concerned you will need a minimum credit score of 580 and a clean slate for the most recent 12 month period. That means no late payments on anything. Also make sure you have at least three active accounts working for you. Credit cards, department store cards, gas cards, car loans and even a gym membership so long as good pay habits are being reported each month.

You do not want to be renting forever. Get a copy of your credit report with credit scores before you even think about applying for a home loan.

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