If you are considering buying your first home, please consider the following as they will dramatically affect your mortgage program options and corresponding interest rate.  They are credit history, stable income and savings.

When was the last time you reviewed your own credit history?  You should know where you stand by contacting all 3 credit bureaus; Experian, Transunion and Equifax.  Call a local credit repair agency or your favorite mortgage professional for advice.  Improving your credit scores may improve your chances of obtaining a favorable mortgage program with lower interest rates.

Don’t quit your job.  Stability in source of income can make the difference when determining mortgage risk.  Long term employment in the same line of work may offset other issues regarding a mortgage approval.

And finally, save your money.  It is a pleasure to talk to new first time home buyers who actually took the time to save before seeking a mortgage approval.  Just because there are mortgage programs available with no down payment; doesn’t mean there are no additional costs; inspections, appraisals, taxes, insurances, etc…

Be prepared for your new venture.  Homeownership can be wonderful.  Just make sure you recognize that credit, stable income and savings play a big part of your mortgage financial success.  When in doubt or have questions; always call a mortgage professional.

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