Posted on: 07th Oct, 2011 05:14 pm
I would love to buy a home for the first time however, i am working on my credit. I have three write-offs as bad debt on my credit cards three years ago. Do i have to pay these off before? If so, if i start making payment arrangement would this help me qualify?
Hi mshrms,
It will be better if you could pay off the credit cards before you apply for a loan. The lender will want you to pay off the bad judgments before he approves you for a loan. Making a payment arrangement will be definitely a very good option. Once the lender comes to know that you are making the payments, he won't object to your loan application.
Thanks
It will be better if you could pay off the credit cards before you apply for a loan. The lender will want you to pay off the bad judgments before he approves you for a loan. Making a payment arrangement will be definitely a very good option. Once the lender comes to know that you are making the payments, he won't object to your loan application.
Thanks
Hello mshrms,
An individual who is purchasing a principal residence for the first time. First-time home buyers are more commonly recognized according to several criteria with regards to an individual retirement account (IRA). If these criteria are met the owner can be granted special privileges, such as exemption from the early-distribution penalty.
For example, it could be a houseboat that will be lived in. The maximum amount that may be distributed from the IRA on a penalty-free basis for this purpose is $10,000. This is a lifetime limit. For married couples, the limit applies separately to each spouse. This means that the combined limit for a married couple is $20,000.
:idea:
An individual who is purchasing a principal residence for the first time. First-time home buyers are more commonly recognized according to several criteria with regards to an individual retirement account (IRA). If these criteria are met the owner can be granted special privileges, such as exemption from the early-distribution penalty.
For example, it could be a houseboat that will be lived in. The maximum amount that may be distributed from the IRA on a penalty-free basis for this purpose is $10,000. This is a lifetime limit. For married couples, the limit applies separately to each spouse. This means that the combined limit for a married couple is $20,000.
:idea:
