Are you ready to buy your new home or first home in Bradenton, or Sarasota Florida?

Real Estate is getting more and more affordable in Bradenton and Sarasota, and with down payment assistance available for first time buyers and in some cases repeat buyers, you need to make sure that your credit report is in good shape. Credit Scores are becoming more and more important and you can take steps to assure that your score will rise and not fall.

 

Most loan programs have credit score requirements. Your final interest rate will be based upon your credit score, down payment & loan program. While it is important to monitor your credit score regularly, it is also important for you to understand how your credit score is calculated. There are five factors used in determining what your credit score will be: 35% is payment history; 30% is amount owed; 15% is length of time credit is open; 10% is new debt inquiries; and 10% is type of credit & experience.

 

If you interested in obtaining a copy of your credit report, there are many sites available on google, but two of the more popular sites are freecreditreport and annualcreditreport. If you find any inaccurate or erroneous information on your report, you can send a letter to the credit bureau with documentation and have them investigate the issue. Some of the simple ways to improve your score is to always make payments on time, not applying for additional credit and keeping your credit card limits below 50% of your limit. If you run into a time constraint and need to obtain financing sooner than later, FHA loan programs allow for lower credit scores and in some cases they will consider no credit scores at all. If you are interested in getting pre-approved for a mortgage or need down payment assistance, please call me at 941-782-2077 and I’ll be happy to discuss your options with you.

 

 

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