Once you’ve decided it’s time to buy your own home, saving for that 20% down payment is step one toward doing it. Instead of waiting years, here are six ways to help you save up for that down payment in a matter of months. 1. Explore the market If you are saving money to buy your dream home, consider taking a detour through a lower-priced neighborhood first. Buying a lower-cost home means you won’t have to save as long for the down payment. As the home’s value goes up, you ca

The minimum credit score for a home loan varies from lender to lender, but if you're looking to get a mortgage to buy a home, there's no question your credit score matters. A lot. If it's good, you should be able to get financing without a problem; if it's bad, you could have a tough time getting a mortgage at all. Minimum credit score for a home loan So if your credit history is less than stellar, you might be wondering how low a lender will go. “What I see most lenders do i

It's easy to fall in love with the idea of buying a home. You've got it all planned out: a five-bedroom home in your favorite neighborhood with a manicured lawn and—why not?—a nice pool. Well, if you really want to land that dream home, you'd better get started now! Step 1 is to clean up your credit score, also called a FICO score—a simplified calculation of your history of paying back debts and making regular payments on loans. If you're borrowing money to buy a home (as mos

Since the market crash, many prospective first-time home buyers have been fighting an uphill battle on their path to homeownership. Certainly it isn't for lack of trying. While millennials might be the largest group of first-time buyers, according to the NAR, they face a whole slew of daunting challenges before they can sign on the dotted line. And here's the kicker: Some of these hiccups are mostly out of their control. Bummer. Here are some of those factors that could be ba

What is a good credit score—and why should you care? Simply put, no number is more important to prospective home buyers than their credit score. These three digits are a numerical representation of your track record paying off your debts, from credit cards to college loans. If you've applied for a mortgage to buy a home, lenders check your credit score. If it's high, getting a mortgage will be a breeze; if it's low, you may struggle. So now that we've got your attention, the

So, you've decided next year is the year you're finally going to buy a house. Congrats! But now you’re a little panicked because your credit score isn’t exactly going to make lenders swoon. You’re not alone. The national average credit score is 695, while only half of consumers fall in the desired 700-plus range. Although you certainly can get a mortgage with that score, you’ll need a 740 or higher to get the best rates. And that point is not lost on potential home buyers, 45