One objective of the Neighborhood Stabilization Program (NSP) is to turn people interested in buying a home into qualified homebuyers.

Counselors at the two contracted housing counseling agencies, the Homeownership Resource Center (HORC) and the Lee County Housing Development Corporation (LCHDC), work with each individual applicant to help them understand the home buying process and successfully become mortgage ready. 

Some people think "I love you" are the three most important words in the English language. Believe it or not, there are also three very crucial numbers as well - your credit score. Think you're ready to apply for a mortgage or long-term loan? If your credit score is too low, think again. Consumers usually need a score of 620 or above to qualify for the best interest rates. But if an applicant's score isn't quite at the 620 mark, the housing agency counselors will discuss specific measures that can help to raise the applicant's credit score in six months or less.

Other things that lenders take are taken into consideration when determining if you are mortgage ready include rental history, utility bill payments, phone bills and car insurance.  According to LCHDC Executive Director Erika Cooks, "Paying these bills on time is critical. We also teach our clients to develop a realistic spending plan, establish achievable financial goals and create a personal action plan for success."

"Lenders want to see a 12-month history of on-time payments before an application for a loan is submitted," added Shirley Burns, HORC's NSP Program Manager.  "Building solid credit history takes time.  The best way to do it is by making a plan and sticking with it.  Work to maintain good credit from the moment you apply for your first credit card."

Your credit score affects much more than your ability to get approved for a mortgage. Depending on where your score falls, it can have an enormous impact on your life and your family's opportunities as well. It's critical to understand that your credit score can affect everything from your employment prospects to your child's education. 

To obtain a free copy of your credit report, go to:   www.annualcreditreport.com.