602-743-5100
Jennifer@Srock.net
By Jennifer Srock
- Maintain employment and avoid any gaps between jobs. You will need to show current employment of 24 consecutive months within the time of your purchase.
- Make sure all of your debts are paid on time with no late payments for at least 24 months.
- Pay all debts down to 30% or less of the max limit.
- Pay off all collections, liens, and judgments.
- Clear off all disputes on your credit.
- Do not establish new credit such as a new car loan or credit card for a department store or furniture store. Don’t try qualifying for any purchase on credit until after you have the keys to your new home.
- Maintain your positive credit history. Do not close any accounts in positive standing.
- If paying rent, do not pay with cash. Pay on time with checks so you have documentation showing a viable rental history of paying in full on time.
- Save as much money as possible for your down payment and closing costs.
- Consider joining a credit monitoring service so you can track the improvement of your credit.
It is true that you may be able to qualify for a mortgage loan within 2 years of having a short sale on a loan other than FHA? [Read more…]
