| Is this you? You have a great opportunity to get up to | | | | people have to get a mortgage in order to pay for a |
| $8,000 handed to you free by the government but you | | | | new house. Today, you will need a credit score of at |
| can't purchase and take advantage of this free money | | | | least 620 to even get a lender to consider your loan |
| because your credit scores are not healthy enough for | | | | for approval. |
| you to qualify for a mortgage loan. | | | | There may be other reasons that you can't qualify, |
| First Time Home Buyer Tax Credit | | | | such as, not enough income for the current debt |
| You may not be familiar with the First Time Home | | | | payments that you have. |
| Buyer Tax Credit that was extended in late 2009 into | | | | You may also have items on your credit report that |
| 2010. Along with this extension the credit was modified | | | | will keep you from qualifying, such as, delinquent |
| to include "move up" buyers. | | | | student loans or unpaid judgments. |
| For First Time Home Buyers the tax credit is 10% of | | | | Collections may or may not be a problem for you. |
| the purchase price of the home up to $8,000. For | | | | Foreclosures and repossessions can be a problem |
| "Move Up" buyers the tax credit is 10% of the | | | | depending on their age. |
| purchase price up to $6,500. | | | | You may just need to have more good active |
| To qualify for the current tax credit you must have a | | | | accounts. Perhaps you need to get a credit card and |
| contract on a new home by April 30th, 2010 and must | | | | use it wisely in order to establish new credit lines to |
| have the mortgage loan closed by June 30th, 2010. | | | | show that you can manage your debt wisely. |
| If you live in your new home for at least 36 months | | | | Improving Your Credit Scores So You Can Qualify. |
| then you do not have to pay this money back. It is | | | | If your scores are not where they need to be then it is |
| yours free and clear. | | | | not the end of the world and you should not accept |
| This does not mean that you have to owe taxes in | | | | this as a reason for not being able to get the home of |
| order to get a credit against what you owe for you to | | | | your dreams. |
| receive this tax credit if you qualify. If you qualify for a | | | | Credit scores can be raised, even if you have had bad |
| tax credit of $8,000 and you owe no taxes when you | | | | credit in the past. Do not accept your past credit |
| file your return, you will receive a check back for | | | | problems as a lifetime noose around your neck. You |
| $8,000. | | | | have heard the old adage that "time heals all wounds". |
| Qualifying To Purchase a Home | | | | Well in this case, time and a little positive actions on |
| In order to take advantage of this wonderful | | | | your part will heal your credit scores. |
| opportunity you of course have to buy a house. Most | | | | |