Great News for Home Buyers
Higher interest rates and lower home prices have pushed many investors out of the market. This is great news for individual buyers, because they have a better chance of making an offer without getting into a bidding war with investors. If you’re considering a home purchase this year, here are a few tips to prepare for the best outcome. 
*  Boost Your Credit Score
People with higher credit scores are rewarded with lower interest rates. If your credit score is 620 or higher, you may be able to get a conventional loan. However, the best rates go to people with a credit score of 740 and above. 
*  Show a Steady Employment Record
Be prepared to show proof of commissions, W-2s for the last two years, and pay stubs from a minimum of 30-days prior to your application.
*  Make a Goal to Put 20% Down
A 20% down payment can help you qualify for a lower interest rate. There are programs available that require less than 20% down, but that usually incurs an additional cost of private mortgage insurance. If you don’t have 20% down, you may still be able to qualify for alternative programs.
*  Lower your Debt-to-Income Ratio (DTI)
When deciding to lend money, lenders factor in how much money you currently owe, compared to how much money you make. Work on paying off or paying down existing debt.
Every home buyer has a unique situation to consider. My team and I specialize in the ability to deliver the best solutions to meet each client’s specific needs. Give me a call to schedule a private consultation and review your options. We’re here to help!