Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
Module 3
Preparing for Home Ownership
Ready for Home Ownership?
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ASK THE EXPERT: Options if You Have Credit Problems edge
Dear H.O.M.E. Expert,

I really want to buy a home, but I have had some problems with my credit in the past. Is there anything I can do to improve my situation?

Signed,
Credit Worried in Cleveland

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Dear Credit Worried,

Regardless of what has happened with your credit in the past, you can start taking steps now to help improve your credit rating and your qualifications for loan approval. Here are a few quick tips that should help:
  • Review your credit report
  • Correct errors on your report
  • Pay your bills on time
  • Rethink how and when you use credit cards
  • Change your spending habits
  • Avoid credit repair companies who charge a fee for services
  • Work with reputable nonprofit credit counseling organizations
For more information on how to improve your credit, review Improving Your Credit in How Credit Affects You. Good Luck!

Signed,
Your H.O.M.E. Expert

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Helpful Links

Sites with More Information
To learn more about the benefits of home ownership, visit the following sites:

Fannie Mae's HomePath
Mortgage Interest Tax Deductions FAQs
National Foundation for Credit Counseling
Tax Information from the IRS

These helpful links are also available in the Resources area.

Next Step
To learn how you can afford home ownership, continue to Affording Your Dream.
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