There was a time not too long ago, before the mortgage mess, that even a First Time Home Buyer with Bad prestige could still fairly really get a home loan.
Not so, anymore. The tables have turned approximately to the opposite extreme. Most of the sub-prime lenders are no longer in enterprise and traditional lenders have really cracked down when it comes to prestige worthiness.
Even qualifying for an Fha Home Loan has come to be much tougher. There was a time that tiny observation was given to a borrowers prestige scores when they applied for an Fha Home Loan, but today most lenders require a minimum middle score of 620 before a borrower can even apply for an Fha mortgage.
In addition, the prestige bureaus have created more stringent scoring models so a persons prestige scores may not be as high as they once were for no apparent reason.
I had a mortgage loan applicant that had approved prestige scores when he first got pre-qualified for his mortgage, but by the time he found a house and got a contract, which was only 2 months, two of his prestige scores had gone up 7 to 9 points and one had dropped 16 points, therefore giving him a middle prestige score that no longer qualified. He had done nothing but make supplementary on-time payments to his debt.
So, what is one to do if they want to buy a home and take advantage of the ,000 First Time Home Buyer Tax prestige that is part of the government stimulus package?
First, make a concerted endeavor to enhance your prestige scores to the point that you can qualify for the mortgage. This may not be as difficult as you think.
Second, try to find a distributor that will be willing to hold a mortgage for a year or two until you can enhance your prestige rating and re-finance with a traditional lender. This way you would still be able to claim your First Time Homebuyer Tax prestige this year.
Buying a house via a lease-option business transaction will not really help you as far as claiming your tax prestige unless you can really practice your choice to purchase and get ended before December 1, 2009. However, this may be an choice to just get you in a home which you can purchase in maybe 12 months after you have improved your prestige rating.
Even though the tax prestige is a wonderful gift to a lot of First Time Home Buyers, just getting your own home is really the goal, so do what you have to do to enhance your prestige rating so that you can qualify for that mortgage at some point in the near future.
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