Bill Faeth Unfiltered
Credit Strategies for Homebuyers
Apr 1, 2025
Unlock the secrets to successful homebuying with expert credit strategies! Learn why planning 90 days ahead is crucial for down payment assistance. Discover the importance of maintaining a high credit score and practical tips for managing credit card debt effectively. Hear insights on helping children build their credit early and strategies for debt management between spouses. Plus, dive into the world of credit card rewards and point hacking to maximize your benefits while ensuring financial readiness for that dream home!
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Quick takeaways
- Planning at least 90 days in advance for down payment assistance is crucial to meet lenders' financial readiness requirements.
- Maintaining a high credit score through proactive management, including debt tracking and timely payments, is essential for securing favorable loan terms.
Deep dives
Planning for Down Payment Assistance
Preparing at least 90 days before buying real estate is crucial for securing down payment assistance. This advance planning helps ensure that any funds received are reflected in the necessary bank statements required by lenders. For instance, if a buyer receives a loan of $50,000, the lender will inquire about the source of these funds, and any recent transfers may raise red flags. By understanding the timeline of when funds need to be deposited, buyers can avoid complications during their mortgage application process.
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