I have had a lot of questions concerning credit and the home purchase process. I hope this will help.
Credit score is not the ONLY consideration by mortgage lenders, other factors such as the amount of savings you have and your income help in your appeal to lenders
Preparation: Documents to have at the ready include your credit report, most recent pay stubs, bank statements, tax returns and W-2s, a financial worksheets summarizing all monthly expenses, utilities, car payments, insurance and rent; as well as a summary of all your assets and liabilities
Credit Score: Credit score are affected by your payment history, outstanding debt balances, new credit lines opened, length of your credit history and types of credit used. The calculation of your credit score is heavily weighted against your payment history and outstanding debts owed, about 65%!
You must have a credit score of at least 760 to qualify for the lowest rate available. A credit score between 660-759, you can still get attractive interest rates that are just a few points/percent higher. If your score is below 580, The rate increases at least four percentage points.
These are the first things you must have under your belt before you call an agent and start looking for your future nest. This being said don't ever give up and think you can't own a home of your own, establish what's holding you back and make a plan to tear away those obstacles!
majones@realtysouth.com
Wednesday, April 30, 2014
Wednesday, April 9, 2014
Fun Things To Do This April 2014!
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Birmingham Botanical
Gardens
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04/07/14
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Birmingham Botanical
Gardens, Birmingham
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Birmingham Zoo
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04/12/14
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Birmingham Zoo,
Birmingham
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04/12/14
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Railroad Park,
Birmingham
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Color Me Rad 5K
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04/12/14
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Hoover Metropolitan
Stadium, Hoover
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Birmingham Museum of
Art
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04/12/14
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Birmingham Museum of
Art, Birmingham
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Birmingham Botanical
Gardens
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04/10/14 -
04/13/14
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Former JC Penny's at
Century Plaza, Birmingham
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Alabama Theatre
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04/16/14
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Alabama Theatre,
Birmingham
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McWane Science
Center
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04/19/14
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McWane Science Center,
Birmingham
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Birmingham Botanical
Gardens
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04/26/14
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Birmingham Botanical
Gardens, Birmingham
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City of
Birmingham
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04/05/14 -
04/26/14
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Birmingham Civil
Rights Institute, Birmingham
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PALS of the Vestavia
Hills Library in the Forest
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04/26/14
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Vestavia Hills Library
in the Forest, Vestavia Hills
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Birmingham Fashion
Week
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04/19/14 -
04/26/14
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Pepper Place,
Birmingham
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Foundation for Art and
Cultural Connections
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04/26/14 -
04/27/14
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Linn Park,
Birmingham
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Foundation for Art and
Cultural Connections
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04/25/14 -
04/27/14
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Linn Park,
Birmingham
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Barber Motorsports
Park
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04/25/14 -
04/27/14
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Barber Motorsports
Park, Leeds
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Alabama Museum of the
Health Sciences
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03/13/14 -
05/15/14
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The Edge of Chaos,
Birmingham
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Ruffner Mountain
Nature Preserve
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03/21/14 - 05/16/14
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Ruffner Mountain
Nature Center, Birmingham
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Pepper Place Saturday
Market
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04/12/14 - 12/20/14
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Pepper Place, Birmingham
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