buyers are very worried about how their credit report will
affect their ability to buy a home. We even heard one story
that an applicant was denied a mortgage because he had returned
a rented videotape late!
that could never happen. Most people will not need to worry
about the effects of their credit history during the mortgage
process. However, you can be better prepared if you get a
copy of your credit report to review before you apply for
your mortgage. That way, if there are any errors you can take
steps to correct them before you make your application.
have had credit problems, be prepared to discuss them honestly
with a mortgage professional and come to your application
meeting with a written explanation. Responsible mortgage professionals
know there can be legitimate reasons for credit problems,
such as unemployment, illness or other financial difficulties.
If you had a problem that's been corrected, and your payments
have been on time for a year or more, your credit may be considered