Many first time home buyers are excited and serious when making the largest purchase of their lives.  In today’s volatile economy; buying your dream home does require a little more attention to detail and decisiveness.  When seeking your first Florida mortgage please make sure you are working with a seasoned Florida Mortgage Professional and learn what not to do.

Whether you consider some of the best first time home buyer programs such as; the VA Home Loan, the USDA Residential Loan, FHA government insured loans or even conventional Fannie Mae or Freddie Mac fixed rate mortgages; ask questions and avoid mistakes. One of the biggest mistakes occurs when new Florida Mortgage Professionals fail to educate first time home buyers with regards to credit use while processing their mortgage.

After your Florida mortgage has been approved or at least pre-approved; please hold off from opening any new credit lines.  These include buying or leasing a new or used car, opening a new credit card with little or no interest (it doesn’t matter), or increasing the debts already owed (charging more on current credit cards).

These serious debt changes can affect your Florida mortgage approval by temporarily lowering your credit FICO scores, or increasing your qualifying debt ratios.  And with today’s demanding mortgage underwriting guidelines; every effort counts while moving towards your Florida dream home ownership.

If you have questions about buying your first home with any one of these Florida mortgages please contact our office at 888.399.0520 and ask for me, Stephen Thaggard.

Trackback URI | Comments RSS