Home Buyer Hari-Kari more common than you think!

In the 17 years that I have provided advice and financing options for home buyers looking to purchase their first home, I have reached the point where I have seen an increase in the number of prospects not even attempting to enter the home ownership arena as they have made the assumption that there is No Way they would qualify based upon a preconceived notion that their credit is too bad or a blemish on it cannot be removed or repaired.

So they do - NOTHING!

In general, I find you'll have 3 basic types of what I call time vampires that suck time from your day;

1- as described in the above paragraph, those who have run themselves through (Hari-Kari) based upon bogus information they got from a friend or saw online (OMG!) and never attempt or apply to see what options are there. They may call you or request information, but they never have the courage to make the move and have, for whatever reason they have deemed valid, committed homeownership suicide!!

2- Those who do apply, are not quite able to qualify as there are some items that need to be repaired on their credit file or it could be as little as opening a secured credit card, and are given these steps to resolve or fix issues with their credit file which could have them "Mortgage Ready" is 60-90 days - and do a "deer in the headlights."

3 - Those suffering from "You Owe Me" Syndrome who will never own a home as they think it is a right. They'll tell you their credit is good. Then, when you pull it, you find that if they did not have bad credit (collections, charge-offs & an assortment of other debts they owe) they would not have any credit at all!

If a person want to become a home owner, it is not impossible and in many instances is very attainable. The first step is to "Know the game" before you play.

Yes, GAME!

The rules 10 years ago were very blurred and, in many instances, ignored by Lending institutions. The same rules still apply, it is just that they are making all play the game by the rules today.

The gateway to home ownership is Decent Credit - I did not say perfect. This gateway is guarded by Loan Originators (LO). The Key to open the Gate is your credit report and score. An LO must have your basic information to pull a report and evaluate your credit report. If satisfactory, the gate is now open for the Home Buyer to proceed to obtain a Pre-Approval! Not a Pre-Qualification, but we will cover this in a following article.

If the Prospect's credit is below the minimum score (generally between 580-640) or has some accounts that need to be corrected or deleted, then the next step is looking at a credit repair option. Yes, it is legal and good companies abide by all federal regulations. There are some bad players, but good LOs do not usually associate with them and would never refer them. I have 3 I recommend, one more than the others based upon service and performance.

CREDIT REPAIR WORKS!!!

How do I know? Well, it accounts for about 20 additional buyers each year in my business. So, I get to put 20 more families into homes that would otherwise not be in homes. And 20 additional deals in any person who makes a commission is worth finding out how to help those that need it. You can see in the testimonials on my website.

So, If you or someone you know is thinking about owning a home yet still has their blade drawn, ready to fall, Tell them their is hope for them and point them in the direction of someone who has a track record and can help!

Let me guide you to a "Smart" & "Affordable" Home Purchase here.

TheRealEstateToolBox.com