1. Check your credit history. There are many sites you can go to and obtain your credit reports from all 3 credit bureaus such as FreeCreditReport.com. Look it over and see if there are any errors or out-of-date negative entries. If so, file a dispute form and get them removed before applying for a home loan. Are there any charge-offs or past-due accounts? If so, contact the lenders and try to make a deal to have those entries brought current or removed entirely. Again, do this before applying for a home loan.
3. Be realistic when predicting the size of the home loan that you’ll qualify for taking into consideration your income, credit status, and the amount of your down-payment. If you try to buy “too much” house, you’ll likely end up being disappointed.
Conclusion: Preparing yourself to be able to refinance your Owner Financed home doesn’t have to be an impossible task. With a little preparation and patience, it will happen!
About the Author:
Forte Properties – #1 Austin, TX Area Owner Financed Home Specialists
http://www.austinownerfinancedhomes.com
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