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how to: buy a home

Ready for a new nest? Whether you’re looking for your very first place, or it’s time for an upgrade, we’ve got guides on renting or buying a home that will help ease you through the process. Start with the basics -- condo, co-op, or house? Our home buying help will give you the pros and cons of every option. After deciding what you want, you’ll need to settle on where to live. Our tips on how to find a home will help you pick the right neighborhood and even tell you how to give it a test drive! If you’ve already narrowed in on a neighborhood, you’ll want a real estate agent, and we’ve got the questions you must ask before you hire one. Once you’re on the house hunt, our Q&A can help you through every step of buying a home. From dealing with agent fees, how much to bid, managing mortgages -- even when it’s smarter to rent. You’ll find home buying help for every sticky situation. In addition to tips on buying a house, we’ve also got advice on selling your old one. Take a peek at our advice on organizing an open house, the dos and don’ts of selling it yourself, and our handy selling your home checklist. Our tips on buying a house will take you right through to the end, from dealing with inspections to making an offer. Once you’re ready to make your move, check out our moving checklist and the first things you should do in your new space. Welcome home!

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Real Estate Q&A: Bad Credit Score?

Q.

Will a bad credit score lower my chances of getting a mortgage?

A.

Hate to burst your dream home bubble, but yes. Your credit report will list your FICO score, which is what potential lenders will look at before giving you a loan. A score above 650 is considered good, but given the current economic crisis, having a score of 700 gives you a better shot at being approved for a mortgage. A score lower than 580 will likely give you trouble. So how do you get those numbers up so homeownership is within your grasp? Make all your current minimum payments on time, pay any past debts, and keep card balances under 40 percent of your credit limit. Your score improves as debts are paid and as negative history (like late bill payment history, which accounts for 35% of your score) falls off your record. To raise your score in short term, don’t open any new lines of credit and keep paying any loans you have on time.

-- The Nest Editors

Jun 17, 2009

See More: Buying a Home , Buying a Home , Money , Mortgages , Real Estate Q&A , Real Estate

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If I have poor credit and my fiance has good credit, can we try to get a loan just in his name after we are married? Or is my credit going to be taken into consideration no matter what we do?

by Pixie8501 on Apr 11, 2009

I have taken complete control over our finances just until we can get out of debt. It works - to have one person focused on the bills. We should be debt free by September '09 ad we can't wait!

by on Apr 25, 2009