This is Part 1 in a series to help you buy a home.

Are you ready to become a homeowner?

I look forward to walking you through the different steps on the path to homeownership with the goal of finding you the best loan program for your financial needs.

I will be discussing your credit history, your debt-to-income ratio (DTI), mortgage loan options and programs, fixed-rate versus adjustable-rate loans, conforming versus non-conforming loans, government programs like VA and FHA loans, and jumbo loans, which require more documentation. And finally, we’ll discuss how much of a down payment you are comfortable making. Your available assets and funds for a down payment will affect what loan programs you qualify for.

Generally, your FICO credit score will be a number between 300 and 850. The higher your credit score, the better. Your score is calculated using your payment history, outstanding balances, length of your credit history, the number of credit inquiries, and types of credit history (student loans, credit cards, etc.). Helpful hint: Free credit report companies use a different algorithm when determining your score.  Most free credit score offers are used to capture your information to sell you something else and leading you to believe that your scores are 30-50 points higher than the credit report used by your mortgage company.  Consult your Mortgage Planner to help you plan your next home loan.

That wraps it up for now.  Please email me at tonyg@atlanticbay.com if you have questions.