Sarasota Realtor Mike Payne surprises house hunters with keys to their new home and $8,000 dollar “gift,” only AFTER these buyers never thought they could bank qualify.
Every day, I hear from people who want to become home owners.
They contact me about renting to own, believing they have ZERO chance of bank qualifying. They believe their credit sucks or that they can do nothing to improve their credit.
They believe their only chance is to rent to own.
YES, renting to own USED to be a great alternative. Not today though….
Today, people wanting to buy are discovering their credit is NOT as bad as they thought.
They’re discovering they can bank qualify and take advantage of the 1st-time home buyer credit (rather, gift).
Click Read More below now to discover one $good$ reason to grab the keys to your new home.
HOW TO GET PUSHED OFF THE FENCE
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time home buyers and the American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer gift.
This is a special $8,000 dollar gift for you. Buy your new home in 2009 and get a check for $8,000 provided:
- Your home is your primary residence — in other words, you’re going to live in the house.
- You will live in and own the home for 36 months.
- The credit is claimed using Form 5405.
The next BIG question I get involves credit score requirements and down payment.
Newsflash: It’s not difficult to get financed today!
I get the following questions all the time:
“When you go in for a home loan these days I heard a FICO score of 720 is the new 680. Any recent experiences out there?”
Your credit score is ONE piece of the mortgage approval process. Today, there’s no difference b/t a 680 and a 720.
“Is it more common for lenders to average your 3 scores or take your middle FICO score?”
Mortgage lenders take your MIDDLE score. There is NO averaging.
Lastly, there are several types of FICO scores (the general FICO score, one geared for credit card applications, and one geared toward car loans). I’m going to purchase my FICO score from myFICO.com. Does anyone have any experiences with this score vs what the bank reported to them when they applied for a home loan? I know that in the past my FAKO score has differed significantly from my FICO score so I don’t trust FAKO scores at all.
Your scores at www.myfico.com are as close to a mortgage lender’s scores as you will see. You will not, however, get to see your score from Experian at myfico.com at a consumer site.
Experian has decided to shut consumers out–we consumers are not able to see our Experian score. No other site of which I’m familiar offers “REAL” credit scores–they’re FAKO scores as you indicated.
Perhaps even more important is to get with a mortgage banker you know and trust & run through the various options for financing your home.
Discover the other aspects (besides credit scores) of qualifying for financing including:
- Credit report
- Income
- Debt
- Reserves
Sarasota Realtor Mike Payne helps his customers understand the home-buying process, whether they’ve bought many homes or buying their first home. After 16 years of teaching and coaching, Mike knows how to educate people…especially about the home-buying process. What is a “good” buy today? What are the benefits and pitfulls of buying (or trying to buy) a home owned by the bank or being short sold? How are the “gotchas” when buying a home warranty? Who should inspect the house you want to buy, a home inspector or a specific contractor? Should you consider a mortgage “broker” or a mortgage “lender?” Just a few of the questions you must ask and understand BEFORE you pick that dream home?
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