Hi. I'm Gary and I'm here to help.

While a higher credit score gives you a better chance to qualify for a home, there are plenty of programs that work with not so perfect credit.  Some might require a higher down payment and have reserve requirements but usually there is a program that will fit anyone’s particular financial situation.

Your credit score, or FICO score,  is affected by so many different factors.  The biggest things that negatively affect your score are late payments, collections, foreclosures, bankruptcy and having high credit balances in regards to your credit limit.  Best way to keep you score up is to make sure you credit card use is lower that 30 percent of each credit limit and to make timely payments and not let any account go into collections.  Unfortunately I have seen collections for a little 50 dollars and the amount isn’t really a factor, a collection is a collection and it’s a shame to take such a hit to your score for just 50 dollars.

Well this couldn’t be further from the truth.  While have a larger down payment has its advantages there are plenty of program that let you put down a little as 3.5 percent, 3 percent or in the case of a USDA or VA loan, those programs allow you to put no money down to qualify.  Just keep in mind there are always closing costs with any loan program so you will need to have a little money saved up for closing costs but there are always ways the lender or seller can help.

Stable employment is a big concern while qualifying for a loan.  Any lender will want to make sure you are gainfully employment and its stable so you will be able to earn money to repay the loan.  A good rule is 2 years but if you just graduated college or a trade school, there are exceptions to the 2 year requirement.  Also you can change jobs during the 2 year requirement as long as its in the same trade profession and the new employment will be stable. 

While renting has its advantages for some people, paying rent to someone else benefits the landlord not you.  With owning your home you have a property that is 100 percent yours. Also you get many tax advantages from owning your own home as well as an asset the will appreciate over time and you will build equity to help your financial future not that of your landlord’s.  I know with renting you are usually not required to do maintenance and help with the up keep of a home like you would with being a homeowner, but the positive benefits of being a homeowner will always outweigh the benefits of renting.