Overnight Approval - Literally!

One of our best lenders had done it again!  I uploaded and submitted a file for underwriting via the lender's portal and secure site at 5:06pm Thursday.  The file passed through compliance with no issues and right to the Underwriter's desk.  I had an approval in my email by 9:30am Friday with a very cool note!  I enjoy working with companies who pride themselves on fast, friendly service as well as great interest rates and closing procedures.

Exciting New Deal!

We have a brand new customer who is taking advantage of the best rates in history. His approval is "hot off the press" and he is shortening his term from a 30 yr loan to a 15 yr and saving more than 100,000 in total interest! His old rate, 4.75%. New rate, 3.125%.   How 'bout them apples!!

You too can get a free analysis for your own mortgage. 

Our company is mobile and will come to you either at your workplace or home.  After hours appointments available in the convenience of your home.  We have low overhead and can offer the best rates and closing costs in Brevard County today.

Call JoAnn Young 321.243.4917 to find out how much you can save. Or email me at JoAnn@PeopleComeFirst.net

"Overcoming Common Mortgage Financing Problems" Part 3 - Excess Debt

By JoAnn Young - Florida Realtor and Owner & Principal Broker of Peoples First Financial Services, Melbourne, FL


Excess Debt
We've had a little break in this financing series and we are now ready to get back to "Overcoming Common Mortgage Financing Problems".
In this segment we will be discussing  "Excess Debt".  If you've been turned down for a mortgage loan because of excess debt or your debt-to-income ratio is too high, be grateful.  The lender / bank has actually done you a favor!  Over the long term, such debt is a serious pull on your ability to save money and live within your means with the income you have to work with.  The end result is bankruptcy court for many who continue to climb into debt with the uncertainty that they will be able to repay it without the benefit of a "guideline."

Should you ever have the cash available to pay off your debt or at least some of your debt, I would encourage you to do so.  Mortgage lenders sometimes make this a condition for funding the loan  especially when you have significant debts or are at the borderline for qualifying for the loan.  If you lack sufficient cash to pay down the debt and buy the type of home you desire, consider choosing among the following options:

1.  Set your sights more realistically.  Buy a less expensive home for which you can qualify.

2.  Go on a financial diet.  Your best bet for getting rid of consumer debt is to take a hard look at your spending and see where you can make cuts.  Use your savings to pay downt he debt.  Explore boosting your income somehow.  Maybe pick up a part-time job until you can pay down your debt load.

3.  Get family help.  A potential option is to have your family help you with borrowing, either by co-signing your loan or by lending to pay down the high interest rate debt.  Again, I go back to being able to live within your means and using your family only as a last resort.  If you cannot afford the home, now is possibly not the best time to buy.

In part four of our series we will be discussing Credit Scores. I hope this series is informative and helpful. Please call me with any questions you may have regarding financing or if you would like to see if you pre-qualify for a mortgage. You can email me by clicking on my name. JoAnn Young, Peoples First Financial Services, Melbourne, Florida 321-243-4917

Overcoming Common Mortgage Problems Part 2, "Credit Problems"

by JoAnn Young, Florida Realtor, Principal Broker / Owner Peoples First Financial Services, Melbourne, FL

This article is the second in a series for overcoming common mortgage problems in a loan application.  In this article I would like to address the subject of
Credit Problems
When you seek to take out a mortgage, lenders examine your credit history, which is detailed in your personal credit report.  Your current debts and credit history can produce a number of red flags that may make lenders skittish about lending you money.  Allow me share with you how to deal with the typical problems that concern lenders:

Credit report boo-boos
Remember the music or book club that joined way back when?  Remember the barrage of letters that they sent reminding you that you were delinquent with your payments?  That club may get its revenge in a very painful manner.  Creditors can and WILL report your loan delinquencies and defaults and these blemishes show up on your personal credit report.
The following is a suggested plan of attack to cure the problem:
1.  Be proactive.  if you know that your credit report includes imperfections, write a letter to the0 creditor explaining why the problem exists.  Maybe you were late on your loan payment because you were out of the country and did not get your bills processed on time.  Maybe you lost your job unexpectedly and fell behind until you located new employment.
2,  Shop around for understanding and flexible lenders.  Some lenders are more sympathetic to the fact that you're human and have sometimes erred.  As you speak with different lenders, inquire whether your previous credit blemishes may pose a problem,

3.  Look to the property seller for a loan.  Property sellers who are interested in being the lender can also play a role in your financing until you are able to secure a traditional loan.  Those who check your credit report may be more willing than banks and lenders to forgive past problems, especially if you are financially stronger today.
4.  Fight and correct errors.  Credit reporting agencies and creditors who report information to the agencies make mistakes!    Unlike our legal world, you are guilty until proven innocent.  Start by identifying the incorrect information.  If the information pertains to an account that you never had, it is possible that the account and any derogatory information belongs on someone else's report.
To get the errors corrected, you must be willing to be patient, persistent and be a bit of a pain. By law, the creditors only have a certain amount of days to respond to your inquiry..  Should you get the runaround, ask to speak to a supervisor or a manager until you receive satisfaction.  If this technique does not work, call your better Business Bureau and file a complaint.  You are also permitted to make a statement of contention on your credit report so that potential creditors may see your side of the story.
5.  Save more and build a better track record.  If you can continue to rent, build yourself some more time.  Sometimes a little more time will do the trick.  Spend a couple more years saving more money and keeping a clean credit record.
I will be writing another article on credit scoring and FICO at a later time.  You will find several articles I have already written on credit scoring in the index of this website if you want more information.

In part three of our series I will be discussing Debt.  I hope this series is informative and helpful.  Please call me with any questions you may have or if you would like to see if you pre-qualify for a mortgage now. - or you can email me by clicking on my name. JoAnn Young, Peoples First Financial Services, Melbourne, Florida  321-243-4917

Overcoming Common Mortgage Problems

by JoAnn Young, Florida Realtor and Principal Broker / Owner, People's First Financial Services,


Understanding and selecting a mortgage is not all that hard to tackle after you cut through the jargon and know how to think about your overall situation and goals.  Unfortunately, when you apply for a mortgage, obstacles may get in your way.  I'd like to attempt to show you how to glide by these irritating and sometimes not-so-trivial challenges.
Few things in life are more frustrating than not being able to have something you really want.  If you buy a home and you cannot finance the purchase of it, odds are that your dream will have to be put "on hold".
Don't despair if obstacles stand in your way.  You may have to exhibit a little bit more patience than usual.  I've not met in my 16 years in the business, a person who was determined to buy a home and was not able to overcome credit or other problems.  My hope is to be able to show you how to get the financing you need and deserve! 

The first topic in this series I would like to address is:

Insufficient Income
Your lender may be inclined to reject your loan application if you appear to be stretching yourself too thin financially.  Although getting angry is a natural first reaction, you should actually be grateful.  Why?  Because the lender may be doing you a huge favor by keeping you from buying a home that will prevent you from saving money and achieving other financial goals that may be important to you over time.
If you know that you can afford the home that you have your sights set on, here are some keys to getting your loan approved:

1.  Be patient.  When you have a low income (for example, if you're self-employed and have been deducting everything but the kitchen sink as your business expense), you may need to wait a year or two so that you can demonstrate a higher income.

2.  Put more money down.  If you make a down payment of  25 to 30 percent or more, you avoid mortgage insurance and higher payments and in some cases get a better interest rate in return.

3.  Get a cosigner.  You always knew that you'd hit your parents up again someday for help.  If your folks are in good financial shape, they may be able to cosign a loan to help you qualify.  Be sure to consider the financial and nonfinancial ramifications of having a relative or a buddy to cosign a loan with you.  Be advised, if you default on the loan or make payments late, you'll not only blacken your credit but also the credit of your cosignor's.  Have a frank discussion about such issues before you enter into such an arrangement and be sure to write up a loan agreement.

This topic is the first in a small series I will be writing about.  Hopefully, I can help you to avoid some stress in loan application process.

If you are in the process of looking for a home and are in need of a Florida mortgage or maybe you just have some unanswered questions before starting the process.  Give me a call (321) 243-4917 or email me and I will be happy to answer any questions you might have.

JoAnn Young, Melbourne, FL

Mortgage Funds Available to Lend!

Did you know that there are government sponsored refinances for homeowners who have been "good" on their mortgages? It is part of the current administration's "Making Home Affordable" program. People's First can obtain financing for homeowners to to 105% of their home's current value. In some cases the appraisal has been waved with high credit scores and lower debt to income ratios.

The goal of the refinance initiative is to provide low-cost refinancing for responsible homeowners suffering from falling home values.
If your current mortgage is a Fannie Mae home loan and you think you might qualify for this program, give JoAnn Young a call right away. Interest rates are low so take advantage while you can!
321-243-4917, or email me for more information and I will call you!

95% Financing is BACK!!!

95% Purchase - Only 5% down Payment!  NO Mortgage Insurance!
Want to purchase a home with great financing?  People's First Financial has a new product!  95% financing on a home purchase with no mortgage insurance!  The interest rate is slightly higher to offset insurance but rates are so good right now! Your minimum credit score needs to be 680 and your debt to income ratio will have a maximum of 50%.  This product is to combat FHA's recent mortgage insurance increase. Call JoAnn Papsidero for more information.  321-243-4917 or email me and I'll call you!

Budget Basics

by JoAnn Young  People's First Financial Services, Owner / Principal Broker

The first step to getting yourself into financial shape to buy a home is to know what you make and what you can spend.  Seems simple enough but there are items we spend on weekly, monthly, semi-annually & annually that some items may be left off the list of expenses.

First, sit down and write down all of your household income.  This to include, Current take-home pay for all family members, child support or alimony, pension and/or social security, disability income, interest / dividend & any other income you are aware of.  Total up the monthly income and write it down.

Next, write down all of your expenses that you can think of.  Most of us have the same expenses but there may be variations from household to household.

Here are a few to get you started: rent/mortgage, electric, water, gas, groceries, health insurance, disability insurance, life insurance, car insurance, homeowers / rental insurance, car payments, other loan payments, student loans, credit card payments, average maintenance on vehicles, clothing, personal care products, dining out, medical bills, household goods, recreation / entertainment, pool care, hair cuts / salon, child care, pet care & food,  education, charitable donations & miscellaneous expenses.

Total up what each item cost you per month.  You will have to average your annual expenses and divide by 12 months.

If you have money left over at the end of each month, you can allocate those funds to savings if you do plan to purchase a home in the future.  If you do not have funds left over at the end of each month and you still have expenses to pay, you will need to trim your spending starting with the not-so-necessary items first.

This is also a great way to see how much money you can apply to credit card debt or car loans each month without worrying about paying down too much or too little. 
It is always a good idea to get control of your money, manage it & manage it well!
For more information regarding obtaining a mortgage, buying a home or budget basics, call JoAnn Young 321-243-4917 or email me.

We're Not All That Bad!

“Loan brokers are one of the least expensive ways to bring a loan to market,” said David H. Stevens, commissioner of the Federal Housing Administration (FHA) during his presentation to the National Association of Mortgage Brokers 2010 Legislative & Regulatory Conference in Washington, D.C.

Brokers, in their purest form, are an extension of the lenders they represent and a borrower’s best friend. Without sacrificing professionalism or ethics, professional mortgage brokers find the very best lending programs at the best rates, fees and terms. They, in fact, do the shopping for the consumer and this is why we believe that not only will brokers remain a viable source of loan originations for the industry, but will dominate once again in the future. Bottom line, consumer demand will dictate it.

Call an experienced Mortgage Broker today. People's First Financial Services Serving it's customers since 1986 - over 25 years! 321-243-4917 or email JoAnn

Source Credit RISMEDIA: Fannie Mae Announces New Incentives for HomePath Properties
--Fannie Mae announced a seller assistance incentive on Fannie Mae-owned properties listed on the company’s REO website, http://www.homepath.com/, and expands the initiative to offer an incentive to real estate agents and brokers. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if desired and available. In addition, selling agents representing owner-occupants will receive a $1,500 bonus. Eligible offers must be submitted on or after September 23, 2010, and must close by December 31, 2010. The sale must close within 60 days of the offer being accepted.“More than eighty-seven thousand families have purchased HomePath® properties in the first half of 2010—nearly double the number of Fannie Mae foreclosed properties sold in the first half of 2009,” said Terry Edwards, Executive Vice President of Fannie Mae’s Credit Portfolio Management. “We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities."HomePath properties are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing.

For more information: contact JoAnn Young 321-243-4917 or email JoAnn@PeopleComeFirst.net

A Bird's Eye View of Closing Costs

CLOSING COSTS!
The amount you borrow to actually buy your house is one thing; the fees required to close the transaction are quite another, and they amount to from 3 to 5 percent of your loan amount depending on when you close on your home.
At the real estate closing, you will be given a stack of paperwork that shows the loan fees line-by-line. (You should already have seen these fees estimated in your "Good Faith Estimate", but they might vary.) The fees below are generally what will be required, but every buyer will not pay every fee listed. For example, maybe you worked a deal with the seller to pick up part of the closing costs. And there are many geographic differences. Finally, all lenders do not charge every fee shown.
Commissions: Payment for the work real estate agents have done. Traditionally it is 6% of the sales price split between buyer and seller agents; usually 3% to buyer's agent, 3% to seller's agent. The seller usually pays these. Note: These costs are not included in your lender's Good Faith Estimate.


General Loan Fees
Appraisal fee: The lender hires an independent appraiser to determine whether the property is worth the sales price you've offered for it. Expect $300-$400. It can be higher or lower, depending on the size of the property and appraisal fees in your area. Investment property appraisals run higher as more forms of information is required by the lender.
Credit report fee: Covers obtaining a credit report to determine whether you are an acceptable credit risk. It averages about $25 per credit report checked. This report also includes your credit scores.
Interest: Most lenders require the buyer to pay the interest that will accrue on their loan from the date of settlement to the first monthly mortgage payment due date.
Lender's inspection fee: If you are building a new home or buying a home that's under construction, the lender may charge an inspection fee, usually under $100. This pays for an inspection by the lender or outside inspector of your house or property.
Loan origination fee: Fee for establishing a new loan. It is paid to the lender for originating the loan. The fee usually varies from 0.5% (half a point) to 2% (two points) of the loan amount.
Loan discount points: Refers to a one-time charge imposed by the lender or mortgage broker to lower the interest rate and therefore the monthly mortgage payment. The more points paid up front, the lower the interest rate. The loan discount is also called "point" or "discount point."
Mortgage broker fee: Paid to a mortgage broker, typically in a commission based upon the amount borrowed. Same as Origination fee.
Mortgage insurance premium: Some lenders require borrowers to pay their first year's mortgage insurance premium up front. Other lenders ask for a lump sum insurance premium payment at closing that covers the life of the loan.
Processing fee: Charged by the lender to cover costs associated with the processing and closing of a mortgage loan.
Escrow Account set up / Reserve account funds: Your monthly mortgage payments are likely to include a pro-rated amount to cover payments for property taxes and homeowners insurance. This money is held in a "reserve" or "escrow" account by the lender who makes the payments for you. At closing, your lender may require you to advance just to be sure the reserve fund has enough money to pay the bills.
Tax-related service fee: Paid to set up a service which identifies the payment due date of local taxes for the servicer of the loan.
Underwriting fee: Covers the final analysis and approval of the mortgage; often the lender's cost to the investor that will subsequently purchase the loan.
Wire transfer fee: Covers the cost of wiring the money around, which is usually done by escrow.

Insurance and Taxes
Annual assessments: If you will have annual assessments made by your condominium or homeowners association, you will have to pay two months' up front.
Flood insurance premium: Lenders may require flood insurance, with the premium paid at closing, depending on the property location.
Homeowners insurance premium: A homeowners insurance policy protects the lender (as well as the owner) against loss of the house from fire, wind, or other natural disasters. Usually the buyer pays one year’s premium payment at closing.
Taxes: Buyers pay two months' worth of city property taxes and two months of county property taxes at closing. This depends on your area.

Title Charges

Attorney fees or closing fees: Varies, but could be $200 to $500 or more. In some parts of the country an attorney, not a title company, handles closing, and sometimes an attorney is hired by the lender to review certain documents.
Notary fees: Pays for the notary public who witnesses that the signatures on closing documents are made by the people named in them. Not typically used in Florida.
Title insurance fees: Average is $350, but could be as high as one percent of the loan. Title insurance is a policy that protects the owner and/or lender by guaranteeing the title to the property is clear.
Title search & Exam: About $50-$100. A search is done to make sure there aren't any unpaid mortgages or tax liens on the property.

Government Recording and Transfer Charges

Courier fee: Charged if a courier picks up and delivers documents.
Pest inspection: Depending on location, a termite or other pest inspection may be required.
Recording fees: Average for Florida is about $180. This covers getting the sale recorded in the public record.
Survey: About $300-$400 for a survey of the property boundaries. Depending on the size of the lot.
So you see, it's more than just the down payment. You will need additional funds for closing costs that add up if not negotiated in your sales contract with the seller.
Don't let the costs scare you out of buying a home...NOW is the best time to buy! Rates are low, home prices are the best since property values have come down. Don't miss out and stay on the fence. Your dream home could be waiting for you right now!
321-243-4917 People's First Financial Services, Melbourne, FL
Posted by JoAnn Young

Uh Oh! I Need More Money To Close on My House!!!

What happened? You got an "estimate" of your closing costs to close on your new home. You go through all the motions of obtaining financing. You get to the closing table or maybe you were lucky enough to know a day ahead that you don't have enough money to close the transaction. Has this happened to you? What do you do? Many times borrowers are faced with the dilemma of where to find the money at the last minute. The most recent person to call us was $1500.00 short and we were not involved in the transaction! In 33 years in the mortgage business we've learned that there are others in the industry that are not as professional as they appear to the unknowing consumer.

An estimate is just that...an "estimate". In today's society we've all learned to look for bargains. When you are looking for a contractor to work for you, you will most likely want the lowest estimate. The low man usually gets the job. Consumers look for the same in financing. You "shop" for your mortgage gathering three or more estimates. How do you choose which mortgage company you are going to use?

Here's the problem...Consumers are often led astray by understated Good Faith Estimates and the fees change at a later time to something more objectionable. It is our experience that if a loan officer or mortgage broker has been in the business for any length of time, he should know how to "estimate" the expenses associated to closing on the home.

Where Estimates are Understated:
1. Taxes & Homeowner's Insurance - To accurately disclose he should know a little more about the property such as what the real estate taxes and the homeowner's insurance costs are. We do the homework on the property before we release an estimate. In Florida, we will often OVER estimate the homeowner's insurance for a worse case scenario. The buyer sometimes will find his insurance at a more reasonable cost and his expenses are lowered.

2. Escrow Accounts - If a professional has closed enough loans, he knows how many months of taxes and insurance need to go on the estimate!

3. Additional junk fees or higher fees than anticipated. This area seems to have the most abuse in underestimating. The loan discount fee, loan origination fee and mortgage broker fee should not change without the borrower's knowledge. If the loan amount has changed or the borrower chooses to pay an additional discount fee to lower his interest rate, a new estimate should be delivered and signed by the borrower to acknowledge the change. This procedure is required by HUD and federal law (RESPA)!

Why did your mortgage professional underestimate your costs? Simple! He either is new to the industry and just "didn't know" OR he just wanted the job. A poor salesman will tell you what you want to hear and worry about the consequences later. You won't know until the end. What will you do? Walk away from the table or fork over the additional funds? Neither is fair!

Make sure you are not the next victim of Bait and Switch. Better call JoAnn Young - People's First Financial Services, Melbourne, FL 321-243-4917
Posted by JoAnn Young

I NEED MONEY!

How Can I Get Money for a Down Payment to Purchase a Home in 2009?

IMPORTANT: Even if you use the IRS 2009 Tax credit, you will STILL need to have 3.5% of your own money for an upfront down payment according to HUD guidelines!!!

In regards to FHA loans, a borrower can only obtain monies for their actual down payment of 3.5% by the following :
– Your own funds in your bank account seasoned for two months.
– A 100% gift from a relative/family member.
– From an FHA approved non-profit Federal, state, and local governmental
– Monies from your employer in the form of employee contribution
– Monies from secured borrowed funds, i.e. borrowing equity from your home to buy another home or borrowing against your car that is free and clear or borrowing from your 401-k, etc.

Specifics on the $8,000 First Time Home Buyers Tax Credit -

First Time Homebuyers – Definition of a first time home buyer - someone who has not owned a home 3 years previous to January 1st, 2009. This tax credit is good for any first time homebuyer buying after December 31st, 2008 and up to November 31st, 2009. Per the irs.gov website, you may qualify to receive this credit if you meet the following:
"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."
The $8,000 tax credit was revised in the 2009 stimulus bill.
Here’s what you need to know:

– The maximum tax credit is $8,000 for either a single taxpayer or a married couple filing jointly. It is 10% of the purchase price. So in order to get the maximum credit, the purchase price must be $80,000 or more.
– The $8,000.00 tax credit can’t be used if you are buying a home from a close relative, which is to include a spouse, a grandparent, child, or even a grandchild.
– You can only use this tax credit for your primary home, not for a second home or an investment property.
– Purchasers who utilize revenue bond financing can use this $8000 credit. – If you sell your home within 3 years of the purchase date, the entire credit is recaptured.

There are a few ways to obtain this $8,000 tax credit for first time home buyers. You can certainly file for your monies after you buy your dream house or you can file an amended return if you buy your home after April 15th.

NOW is the best times to buy a home. Here are a few reasons why.
– Home values are down in many areas
– So many foreclosures to choose from especially in our state
– Mortgage interest rates are low - interest rates fluctuating from 4.5% to 6.00%
– $8,000 first time homebuyers tax credit - Up to $8,000 depending on your purchase price

Call me if you have any further questions

321-243-4917 JoAnn Young - Mortgage & Real Estate Professional

New Loan Programs for Refinancing

Want to get in on the low mortgage rates but don’t think you can refinance because you have little to no equity???
Think again!New loan programs just rolled out for homeowners who have been making their mortgage payments!
Do you have an interest only mortgage or an adjustable rate mortgage now? This program is for YOU!
You can refinance up to 105% If you have no mortgage insurance now you will NOT have it after the new loan! Even if you have a second mortgage you may still qualify for the refinance. (Call us for more details)
The new Fannie Mae and Freddie Mac loan programs are designed to reward those homeowners who have been toughing it out making their payments on time in this market and who want to take advantage of the lower rates of today to lower their payments.
JoAnn Papsidero today for more information. 321-243-4917

posted by JoAnn Young

What Mortgage Lenders Are Looking For

Recently an applicant contacted me who is a first time home buyer. She had no idea where to begin on the loan process. Even if I believe the person will not qualify for a mortgage at this time, I wil try to educate the person in order to prepare for the future purchase or refinance.

The following are a few tips I use to help you get started in your quest for a mortgage for your home purchase:

There are 5 criteria for mortgage underwriting: We call this E-CASA
1. Equity – How much money you will be putting down (down payment).
2. Credit – You will need a credit score of 620 or higher as well as anyone else who will be on the loan application. Bankruptcies need to be discharged 2 years ago for FHA and 4 years ago for Conventional. If you had a foreclosure, it will be extremely difficult at this time to obtain financing for a home.
3. Ability – The ability to pay the loan back – what your current debts and future debt (house payment) are compared to your income. This is called debt to income ratio.  The less debt, the better the ability!
4. Stability – How long you have been on your job or in your field of work – Generally a lender wants to see a two year work history in the same field with no gaps in employment.
5. Assets – How much money will you have left after the loan is closed? What is your net worth? The more assets you have shows your ability to save money. Do you have any overdrafts on your bank statement? Do you take your account down to the last cent every month? If you do, you will not be able to show that you can handle a larger payment each month.


If any of these basic 5 areas are weak, the loan must have a compensating factor for the weak area.

A consumer may pull their own credit report once a year at http://www.annualcreditreport.com/. The Federal Trade Commission made it possible for you to do this to keep tabs on your own credit profile. Your credit score is not lowered if you obtain your own credit report.
Start by getting your credit report to see what your profile looks like. This is the best place to start. If there is derrogatory credit, you will need to begin repairing.

Let me know how you make out on the credit and remember you can always call me for some credit repairing advice.
Posted by JoAnn Young (email me here)

How to Raise Your Credit Score

Often I receive calls or emails from mortgage applicants whose scores don't quite make the mark for obtaining a mortgage. I prefer to coach our customers in how to raise their credit scores so that they would be more likely to call on us again in the future once they are closer to obtaining financing.

Recently I received an email from a an applicant who had $25,000 for a down payment. That was great news! But the news turned quickly when the applicant informed me that his credit scores were in the low 500's. With credit being so tight in today's market, you might have 50% or more down payment but with a low credit score it could keep you from buying your dream home. The following are a few tips I was able to relay to this applicant in hopes of helping him achieve his goal:

Currently the FHA guideline is requiring a 620 and higher credit score. If your credit score falls below this benchmark, you will definitely need to work on your credit scores before officially applying. Some tips to help you improve your score:

If you have several student loans, there is a way to consolidate your student loans to get one, low payment. We've had customers able to do this for a one time deal with the creditor.

Pay off any collections if you have any. Try to make settlement with them. Some will accept less than the balance. You've got to ask. Keep receipts and good records of everything you pay off that is delinquent. My experience has been that some collection companies collect their money and then do not update your credit file. This is why you need to keep good receipts. Copies of cancelled checks stored with the offer/bill from the collector

It is better to have two credit cards with half the balance used than to have one credit card maxed out to the limit.

Try not to apply for any new credit cards whether they be store cards or major credit cards.

Do not shop for a new car. They inquire on your credit. If you move to a new place or make changes, electric companies, phone companies, cell phone companies, car insurance companies will put your credit as well.

If you have any lates on your report (30 days or more) it just takes some time for those to get farther behind you. The best policy is not be late on anything in the future.

Start by getting a copy of your credit report for free. There are 3 bureaus that need to be obtained as they all report different accounts. Meaning, you could have one account that reports to Experian but not to the other two and vice-versa.

If you do not have a copy of your credit report, the government has made a website where you can pull your own for free once a year and it does not hurt your score if you pull it yourself. http://www.annualcreditreport.com/. If you get started on this now straightening out your credit and then look at your report a year from now - (normally how long it takes to improve). Check against your records to make sure they match all that you've done over the past year.

If you have limited credit  or a lack of credit, FHA will use your rental records, car insurance payments, cell phone bill, utility bills, and any other items in your named to build your credit just for the purchase transaction...not for your official credit file.

The main item of business is to get your credit score higher. 
Keep in touch and let me know how you are doing with improving your scores. You can always e-mail me or call with any questions. 321-243-4917. I sincerely hope to hear from you  when you are ready to BUY!
Posted by JoAnn Young