When buying your first home, sometimes you don’t learn about certain things until you step out and get your feet wet.  When my husband and I got ready to buy, we naturally went to our bank who we were with for years to see about obtaining a mortgage.  We came to find out that our loyalty and good standing with the bank wasn’t enough since we didn’t have tier 1 credit.  At the time our scores were considered fair to good but not excellent.  We paid all of our bills with no collections but our scores weren’t at 750-800 yet.  We needed more history and to lower some of our debt.

However, we were in a position where we wanted to move from our very uncomfortable living situation, and we refused to pay another rent. Especially when we knew we could afford our own.  So how did we get around this?

One thing I will say and I’m not saying it because I’m a realtor, and it’s this; if you aren’t fully informed when it comes to real estate as far as home purchases and sales – especially if you are a first time buyer – get your own agent to guide you.  It may be a costly move, but it’s well worth it and your agent will look out for your best interests.

At the time I wasn’t yet a realtor so it was all new to me.  My agent immediately told us about the FHA loan and the requirements, connected us with a FHA lender, and we got our house!

Years later after punctual mortgage payments every month, our scores are now at tier 1 status which gave us easier dealings with banks, thus having strong buying power.

It’s important to find what works for you and your situation.  Once you do, then MAKE it work for you.

Please don’t hesitate to contact me with any questions or if you need an agent for any real estate needs and you live in NY.

Thanks for visiting MeeshMoves!


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