Fastest Way to Get Approved for a Home Loan and Raise
Your Credit Score
3 Simple Tricks to Look Better on an Application and When to Start Credit Repair for Best Results…
Let’s flash back to 2007. When home lenders were giving out money like candy, to cute kids, on Halloween.
Virtually no one could get turned down.You might even remember terms like “Stated Income Loan” and “0% Down Bad Credit Interest Only Loan”. Then the credit crisis hit and BAM, millions of home owners lost their homes—Millions of lenders, their jobs.
An entire country, and then our entire global economy plummeted into financial crisis, and it took more than a few reorganizations and changes to Truth in Lending practices to right all these wrongs.
Times have changed.
It’s 2014, and while our financial outlook is better, lenders are still holding onto purse strings very tightly. As you can imagine, that means lenders are now far pickier about who they will lend to; so how can you quickly raise your score so you can get approved for a home?
Your credit score strength, or the lack thereof is only one piece of the equation.
While it plays the most crucial role in demonstrating your ability to responsibly make payments on your mortgage, lenders consider more than one factor.
Here are 3 More Success-Markers You Can Show Lenders to Increase Your Chances of Getting Into A New Home
1. Watch What You Write Off on Your Taxes (especially if you own your own business and want to get a home). Statistics show that the engine which drives job growth has shifted dramatically. Every day more and more people are getting fed up of low pay and a lack of job security, and venturing out on their own to become business owners. The problem is business owners get a ton of tax write offs, and many take full advantage of these write-offs (as they should). Here’s the challenge—when you take advantage of every available tax write off your ADJUSTED GROSS INCOME DROPS. When your adjusted gross income drops you create a snowball affect; lenders will not lend you as much to get a home which limits what you can buy AND lower income with higher debt increases your DTI or debt-to-income ratio.
2. Keep Your Debt to Income (DTI) Ratio as Low as Possible
How low should your DTI be to qualify for a home? That depends on your lender. Truth is, you can ask your loan broker, or you can do what your loan broker will probably do anyway---call us to create a plan of action and raise your credit score. Why so many options?
You see, different lenders have different requirements, and it often takes an entire 30-90 day strategy to create the credit score increase and lower debt to where you need it to qualify for a home. And that’s fast! We’d know, because our CREDIT BLITZ™ delivers you more of the results you need in 30 days than most credit repair companies create in 3-6 months (Click here to see success stories). As far as we know, we still hold the title of “Lender’s #1 Choice for Credit Repair” because we will help you eliminate anything needed from your credit report, for as long as it takes, within the bounds of the law.
3. Defer Student Loans (if possible)
High student loan debt can dramatically decrease your ability to get into a home, and you’re not the only one facing this problem. At last tell, more than 50% of American’s had high student loan debt. Don’t feel ashamed. You did the right thing, because a college degree (or higher education) is frequently required to get the “good job” you’ll need to afford your mortgage anyway! While there are some exceptions to this rule, people who have a college degree statistically make $1,000,000 more than those with a high school degree. Weight that against $100,000 in debt and you’re still looking very good compared to your lesser paid friends.
If your college debt is too high to qualify for a home, you do have options. Many options, in fact. If your lender says you need to eliminate, or lower your student loan debt call the holder of your loans. They can tell you how to defer your student loans for 12 months so they no longer factor into your DTI ratio.
4. Sometimes you just have to “do it”.
More often than not, to get into a home at the best interest rate you can imagine, you will need to create a plan of action to repair your credit, and implement it. If you’re like most people who can afford home, you probably don’t have the time, or you’re smart enough to know that you’ll get faster results when you hire experts. Of course, you’ll want to discuss your goals first with your lender of choice (or us if you’re curious to know where you should start). Either way, you’re welcome to contact us now to schedule a free consultation.
We’re happy to share our wisdom, and let you know if we’re going to be your best choice for rapidly increasing your credit score.
Simply click here to contact us or here to see how many people we’ve successfully helped achieve their financial dreams with CREDIT BLITZ™: the Smart Credit Repair Solution.