Credit Scores

Wanted to share with you a real story that just happened to me recently. I was contacted by a Bill Collector for an old phone bill from 1997 that I didn't even realize was not paid. I went into immediate panic, you see I am currently buying another house and moving; the last thing I want is my credit score to plummet. The debt has never shown on any previous credit reports. The collector said "There were 2 payments of $78.10 then they just stopped. (because I paid 1 in the office and the same bill again by mail). Yes I owed the $349.09 which by the way tacked on after the phone was shut off from various long distance companies thanks to a really bad roommate.

My credit rating was still intact, but recent changes with the mortgage industry have left the days where stated income folks like myself can no longer get a loan on just credit rating alone. I think if I had waited just another month to buy a home, the program I was given will be gone.

Protecting and improving on your credit score can significantly increase the likelyhood of qualifing for a loan and at a cheaper interest rate. Especially for buyers without proven job and income histories.

Now saving to buy a home when you need to put 5%-25% down is out of most peoples reach in Albuquerque with the median home price of $210k and Rio Rancho at $234k you would need savings of $15k just to close the deal!

If you are thinking about buying a home talk with your mortgage professional or try one of these fine proven lenders:

Todd Hohmann - First Heritage Mortgage - 505-875-3498
Charel Lock - Legacy Mortgage - 505-792-7668
Ana Lisa Cordoba - Pennington Mortgage - 505-379-8722
Vince Garcia - Countrywide Home Loans - 505-816-1765
Mike Gonzales - RPM Lending - 505-401-5318


Here is another great deal from a vendor I negotiated a contract with enjoy these savings:

Gardener's Supply Company - Huge Summer Sale - Save up to 63%!