Planning for homeownership

Work on building and improving your credit now

The sooner you start working toward a better credit score the better. Here are some simple tips for getting your score higher:

• Pay every bill on time, every time. Schedule payments ahead of time with Bill Pay and say bye-bye to late payments once and for all.
• Check your credit report. The three major reporting agencies (Equifax, Experian, and TransUnion) each offer a free credit report once every 12 months. Make it a habit of rotating through the reporting agencies to intermittently pull your credit. That way, you can identify and resolve errors as quickly as possible!
• Consider opening a Secured Visa credit card. This type of credit card uses a secured savings account as collateral (for instance, to have a $1,000 credit limit, you’ll need to maintain $1,000 in savings). By continually borrowing against your own savings—and paying your Secured Visa bill on time!—you can establish positive credit history to help improve your score.

Discover your down payment options

Depending on the type of mortgage you receive, your down payment might be a lot less than you think. With an FHA mortgage, it’s possible to purchase a home with as little as 3.5% down! In some cases, you might even qualify for a conventional mortgage with only a 3% down payment.