01/18/08 | Comments (0)

As a home buyer, our ability to obtain favorable financing is largely dependent on our credit.

The big four important credentials that help to evaluate our profile:

Debt limitations

While all are important, our credit score is the key ingredient in allowing us to use less of our own money, and to borrow funds at a more favorable rate.

The rules are changing, in part because of the sub-prime mess, and lenders wishing to better quantify their risk. THIS ARTICLE details the current changes, and provides links to the big 3 credit unions.

If the housing market and the economy continues to run into trouble, many would be buyers will find themselves in a potential catch-22. Home prices may be falling, but loans may be harder to come by as lenders shy away from risk.

Check out your credit score, and remedy those credit blemishes to improve our chances of obtaining conventional financing. Myfico is a site that may be helpful.

The theme from a recent movie, “We are Marshall” says it best: Play the game until the whistle blows. If our credit score needs fixing, work on it. Remember that we alone are responsible for our choices.

From the ashes we rise.

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