Credit Scores - How to Improve Yours?

Credit Scores

If you have been dragging your feet getting around to improving your credit scores and buying a home, then you need to get off the pot and take advantage of the wonderful opportunity afforded to you by the $8,000 tax credit offered in the Stimulus package.

There are many, many people that have worked hard, saved their money for their down payment and bought a house that didn’t have, and won’t have, the opportunity that is available today to first time home buyers through this tax credit.

$8000 Tax Credit

This tax credit is a gift available to a lot of people who won’t be able to take advantage of it because their credit scores are too low.

Today, you must now have a credit score of at least 620 with most lenders to qualify for an FHA loan. The FHA loan offers you the lowest down payment option and the best interest rate with a score in this range. FHA loans now require 3.5% down, but that can often be acquired by a second mortgage program offered by some states.

First Time Home Buyer

The tax credit is 10% of the sales price up to $8,000 and does not have to be repaid if you stay in the house for 36 months. What a wonderful gift this is for first time home buyers.

You must write a contract on a home before April 30, 2010 and close before June 30, 2010 in order to claim your tax credit.

Improve Credit Scores

For a lot of people, raising their credit scores in the next few months is very doable. If you have a recent foreclosure on your credit then this statement won’t be true. But, if not, then take action.

If you don’t know what is on your credit report that is causing your low scores, then you need to find out. There may be something on your report that doesn’t even belong to you.

If you don’t know how to get a copy of your credit report, how to read it when you get it or what to do to fix your credit then you need to visit this site: Credit Score Freedom.

Take action. You have been afforded an opportunity that many other hard working Americans have not and if you lose out then you have no one to blame except yourself.

Many other people are working hard so you can have a home. Do your part. Go now to: How To Fix Credit. Don’t just go read the website, get the e-book, follow the directions and improve your credit scores.