How to Buy a House in Dallas TX: First Time Home Buyers
Homebuyer Tips for Your First Home Loan
Before you start shopping for a new home or a home loan, here are some steps you can
take to ensure that you are ready to buy – and can be best prepared to qualify.
1. Check your credit.
Review your credit report to see if there are items that are not correct,
and work on resolutions. To qualify, your credit score should be at least 580.
2. Determine your home budget.
3. Review your loan options
Check out our Loan Solutions for different types of loans. For example,
some loan solutions do not require a down payment or have flexible
qualifications, making them perfect for first-time homebuyers.
4. Get pre-approved for a home loan.
Work with one of our friendly Loan Originators to get pre-approved and
start shopping for your new home.
Smart Credit Practices
Pay your bills on time.
pay your bills on time.
Pay credit balances strategically.
Ask for higher credit limits.
Dispute credit report errors.
Deal with collections accounts quickly.
Use a secured credit card to rebuild your credit.
Get credit for rent and utility payments.
Add to your credit mix.
What not to do before you apply for a home loan and before your loan closes.
- Don’t make any large purchase, such as buying a new car, furniture or appliances.
- Don’t incur new debt of any kind.
- Don’t max out your credit cards.
- Don’t close any credit card accounts, even ones you don’t use.
- Don’t forget to check your credit score and report. AnnualCreditReport.com is a free service that checks all three credit reporting agencies.
- Don’t forget to work on credit report resolutions.
- Don’t be late on any of your bills.
- Don’t change jobs.
- Don’t co-sign on any loans.
- Don’t make any big deposits without providing verification to your lender (such as a gift letter)