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by Jeanette Joy Fisher
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credit means that you can finance a more expensive house with the same income, or save $330 each month.
Credit Requirements for Mortgages
Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios.
Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses!
About the author:
Copyright (c) 2005 Jeanette J. Fisher. All rights reserved.
Professor Jeanette Fisher, author of Credit Help! Get the Credit You Need to Buy Real Estate, Doghouse to Dollhouse for Dollars and other books, teaches Real Estate Investing and Design Psychology. For more credit articles, tips, reports, and newsletters, see
http://www.recredithelp.com
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