56 Days To Go until the end of the $8,000.00 tax credit for first time homebuyers. Prospective home buyers are speaking to me every day. Lots of these people have good jobs, steady income, a little up to a lot of money set aside for down payment and horrible credit. Yes, they are almost ready to proceed and then their credit report trips them up.
A number of people who I speak with have excellent credit, fantastic credit scores up into the 800's out of a possible 850 and are able to meet with their Realtor and start their home search with our approval letter in hand. Unfortunately, I also speak with a tremendous number of people who just haven't taken good care of their credit.
30, 60, 90 & 120 day late payments, collection accounts for less than $100.00, charge offs from old credit cards, and in some cases bankruptcies and foreclosures cause credit scores to be in the 400's and low 500's. Currently CHFA will allow for credit scores of 580 and above, but our conventional, VA and FHA loans are looking for 620 and above. In this great market for first time home buyers (low rates, affordable house prices and the $8,000.00 federal tax credit) it is too bad that carelessness about credit and making payments on time was not a priority for people. The rest of the application may be fine but if you are not paying small bills on time or at all, most mortgage lenders including McCue Mortgage will have to say "NO" until the credit scores increase to an acceptable level. Start your effort today to pay everything on time so you will be able to become a homeowner.  Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. Oh, by the way, only 56 Days To Go until the end of the $8,000.00 tax credit for first time homebuyers. |
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