Are you looking for first time home buyer programs Dallas TX? More than likely, improving your credit would help you qualify for a mortgage. That’s why so many have used credit counseling as part of their home buying process. By working with an accredited counselor, you can improve your score really fast. Then, it’s much easier to qualify for a mortgage with attractive rates.
First Time Home Buyer Programs in Dallas, TX
If you’ve never purchased a home before, you can use the FHA program to qualify for a loan. They’ve helped millions qualify for them by subsidizing the cost of lending. Since an FHA loan has government insurance, it’s not as risky for banks to give one to you. Qualifying for an FHA mortgage is easier, thanks to its lower requirements. As long as your credit score is above 580, you can put down 3.5%. That’s much less than the usual 20% many put down when using conventional loans. Plus, your mortgage insurance is usually lower than traditional PMI if you have an FHA loan.
Improving Credit to Qualify for FHA Loans
There are several ways to improve your credit score and qualify for an FHA loan. By working with a counselor, you can dispute negative remarks on your credit report. Once they’ve fallen off, your score will jump quite a bit. Usually, it’s enough of a difference to let you qualify for an FHA mortgage. Even if your score is under 580, you can get one as long as it’s above 500. You just have to put down 10% when you’re ready to buy. abc.co offers credit counseling to home buyers in Dallas, TX.Visit us at our website at abc.co to learn more.
