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By Ted Cruz
Israel saves its enemies; Hamas endangers its friends
Topic - Gregg Busch
Whether you are a first-time buyer, a repeat buyer or a homeowner interested in refinancing, you'll need to choose between conventional financing and an FHA-insured loan.
If you save your money, avoid credit-card and other debt and pay all your bills on time, you may assume you have a stellar credit score. You might be wrong.
Decades ago, consumers who wanted to buy a home had to meet with their local banker, prove they had the income and assets required to purchase property and make a substantial down payment before obtaining approval for a home loan. Today's homebuyers may have the option of making a lower down payment, but they face a more complex mortgage-approval process.
"Credit-repair companies can help you if you don't have the time to follow up on mistakes on your credit report or need some advice," Mr. Busch says. "But the first thing everyone needs to do is limit their use of credit and try to get each credit use under 50 percent of the credit limit."
"Another change is that while buyers making a 25 percent down payment (or with 25 percent equity when refinancing) and decent credit were not charged anything extra in the past, the threshold is now 30 percent," Mr. Busch says.