1. Check Your Credit Score: Lenders use your credit score to determine your loan eligibility and interest rate. Aim for a score of 620 or higher, though higher scores get better rates.
2. Pay Down Debt: Reduce your debt-to-income ratio to show lenders you can manage a mortgage responsibly.
3. Save for a Down Payment: Aim for at least 20% to avoid private mortgage insurance (PMI), but some loans allow for less.
4. Organize Financial Documents: Gather tax returns, pay stubs, bank statements, and proof of other income to streamline the loan application process.
5. Avoid Major Purchases: Large expenses or taking out new loans can lower your credit score and jeopardize your loan approval.

For more information about our first time homebuyer education program, please visit https://ocfcs.eventbrite.com and register for one of our upcoming classes.

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