To take advantage of the great buyers market you need to qualify for the tightened mortgage standards. You can clean up your credit scores and therefore improve your ability to purchase, here are some pointers.
1. Pay you bills on time, at least the minimum.
2. If you have past dues make them current.
3. pay down your credit card debt.
4. Spread your self thin, if you multiple credit cards spread charges across them, keep the balances low.
5. Don’t close accounts you no longer use, use them for gas occasionally, this will keep credit available to you.
6. Don’t open new accounts you don’t need.
7. Check you credit report regularly.
Once you have applied and been excepted for a mortgage, do not add debt such as buying a new car! Your credit and debt will be rechecked prior to closing on a home and I have seen this make buyers unable to complete their transactions.
