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The purchase of a home is the goal of the vast majority of Americans. That is why home ownership is often referred to as "The American Dream of Home Ownership." Two-thirds of Americans have taken advantage of the tax benefits, government programs and the economic benefits of owning to become home owners. Even in the past few years when the real estate markets have not been as "hot," millions have taken advantage of the buying opportunities to become a home owner for the first time. With lower home prices and low mortgage rates, homes have become more affordable than they have been during the past generation.

One area that keeps many Americans from reaching this goal is the difficulty of qualifying for a mortgage. The same weak real estate market that has caused homes to be a bargain has caused lenders to scrutinize loan applications as they have never done before. Tighter credit standards are certainly an obstacle today but the good news is that potential homeowners can take positive steps to make sure they have a better chance of qualifying for a mortgage.

There are several areas for you to focus upon that can help you get in position to qualify for a mortgage to purchase your first home or even move up if you are already a homeowner...

Your credit score. Today, a low score can be a cause of rejection or, at the least, add to the cost of owning a home. It is important to start by finding out your score and, if it is low, coming up with a plan of action to raise your score. With the right plan, the good news is that anyone can raise their score. Did you know a low score can cost you hundreds of dollars per month even if you are a renter? If you don't know your score or don't know what your score means with regard to obtaining a mortgage, contact us and we will help you find out as well as help you set up a plan of action to raise your score.

There are many reasons for low scores, including late payments, outstanding judgments, tax liens and more. Sometimes the information contained on your report is riddled with inaccuracies and/or information that was reported is in non-compliance with laws meant to protect the consumer.

Your monthly debts. Many can't purchase because they have too many debts. This problem also exacerbates the process in other ways as too many debts can help to lower your credit score and make paying a mortgage or even rent more difficult. It is important to come up with a plan to lower your debts. Paying down debts is actually a science and undertaking the task without advice can cost you thousands of dollars. Again, we can help determine how your debt load may be affecting your qualification for a mortgage as well as setting up a program to help you get your debts paid down.

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