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?

Republished by Blog Post Promoter
Related Posts -
Credit Fixing Takes A Back Seat To Something Much More Important Than A Credit Score! Credit Fixing is important! No question about it. One 3-digit credit score pretends to control your life...if you let it. As you (hopefully) already know, there's a helluva lot more to life than a good credit score. Whatever you do, please don't let a bad credit score get you down....... -
Bad Credit Repair Is Not As Painful As Young Couple Thought It Would Be! Bad Credit Repair becomes easier when Sean & Marie decide they want to buy a new home and NEED to improve their credit. Suddenly, they're motivated. This might be a nice lift for you. Check out the email below I just received from Sean & Marie, a young professional couple...... -
Repair Credit FAST Introduces 8 SECRETS TO A 680 CREDIT SCORE! Repair credit fast puts you back in the driver's seat without A+ credit. Who needs A+ credit? What you really NEED are credit scores necessary for you to get what you want, when you want it and without rejection or sweaty palms. Is 8 SECRETS TO A 680 CREDIT SCORE!...... -
Credit Fixing Proves Missy Needs More Than 7 Steps To Boost Her Credit Scores! Credit fixing "expert" gave Missy Albers of Tallahassee, FL, the "secret 7" for boosting her credit scores. The problem: the expert "forgot" to hand Missy the rest of the story about this so-called "secret 7". Missy wants the keys to her new home. She wants to take advantage of "...low......
-
Bank of America Drops Couple's Credit Scores While Grabbing Their Money! "My credit check shows just how badly Bank of America has killed our credit scores! They don't care how long we've been customers or how much money we make for them. They just don't care...." Banks do not care about you or me. It's all about profit...for them that is.......
- Credit Score Industry Infighting: Greed Exposed Full disclosure: I detest the credit score industry. If you are like most U.S. consumers, you have been brought up...
- How Important Is Your Credit Score, Really? A lot has been written about the importance of your credit score, but how important is it really? It all...
- Is there a time to ignore your credit score? Dave Ramsey has done well for himself as a financial advice guru. He was one of the first people to...
- Sarasota Homes Strand Buyers At Closing Table With Common Credit Score Disaster! Sarasota homes for sale - whether Sarasota or Fort Myers, Florida, Karen Adams knows how to overcome credit shock at...
- Responsible Credit Score Strategies for Young Adults You Can Improve Your Credit Score and Build Wealth Yes - you read that title correctly. Mr. ToughMoneyLove is going to...

{ 1 trackback }