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Mortgage
Programs
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Buying
Tips
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More Purchasing Power..
You have been pre-qualified,
but not for the amount you would like. To help you get over
this hurdle, we have listed four of the common obstacles to
qualifying for a home and some possible solutions to
increasing your purchasing power.
Excessive Long Term Debt
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Consolidate your debt
into one loan
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Pay off long term debt
by using some of your cash and making a lower down
payment.
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Sell an asset to pay
off debt.
Inadequate Income
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Income
from alimony, child support, bonuses, overtime, or
future raises might be considered in qualifying income.
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Find a co-borrower who
is willing to go into the loan with you to help qualify.
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Make a higher down
payment.
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Consider a financing
option that will allow you to stretch your purchasing
power, such as an FHA loan, Adjustable Rate Mortgage, or
Balloon Loan financing.
Credit Problem
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Repair your credit by
contacting creditors and requesting that negative
information be removed.
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Pay off outstanding
judgments, liens and collections.
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Re-establish good
credit.
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