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Brown Cafe UPS Forum
Life After Brown
Buying a home
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<blockquote data-quote="Old Man Jingles" data-source="post: 3653184" data-attributes="member: 18222"><p>Qualifying is the hard part ... I wanted to do this and did not qualify.</p><p>You can however pay extra payments (make sure they are designated to the principle rather than an 'early payment'. The industry does not seem to like paying off loans early.</p><p></p><p>I paid off two houses early doing this (one at 16 years and another at 11 years).</p><p></p><p>The following will help you to qualify for a 15 or 10 year loan.</p><ul> <li data-xf-list-type="ul">Get those credit cards down to ZERO each month.</li> <li data-xf-list-type="ul">No car payment will help too!</li> <li data-xf-list-type="ul">Believe it or not, extra credit cards with zero balance helps in your FICO score. I have over 20 credit cards (all with zero balance) and my score was 837 out of 850.<br /> Any score of 800 or higher helps with qualifying for the lowest rate.</li> </ul></blockquote><p></p>
[QUOTE="Old Man Jingles, post: 3653184, member: 18222"] Qualifying is the hard part ... I wanted to do this and did not qualify. You can however pay extra payments (make sure they are designated to the principle rather than an 'early payment'. The industry does not seem to like paying off loans early. I paid off two houses early doing this (one at 16 years and another at 11 years). The following will help you to qualify for a 15 or 10 year loan. [LIST] [*]Get those credit cards down to ZERO each month. [*]No car payment will help too! [*]Believe it or not, extra credit cards with zero balance helps in your FICO score. I have over 20 credit cards (all with zero balance) and my score was 837 out of 850. Any score of 800 or higher helps with qualifying for the lowest rate. [/LIST] [/QUOTE]
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