Highland Homes uses financing every day in order to continue selling homes to first time buyers. Unfortunately, it’s not as easy to secure a home mortgage as it used to be. In fact, many buyers come to the sales centers ready to purchase a Florida new home, only to find out there are issues on the credit report that prevent them from buying. Under normal circumstances, you wouldn’t be losing anything to wait six months to repair your credit, but now with the $8,000 first time home buyer tax credit ending in only one month’s time, there is quite a bit more at stake.

When the government rolls out these programs there are deadlines and requirements. Combine that with the changes in the finance guidelines, and many buyers find out they cannot buy a home without several months of work to improve their situation. This is one reason of many to urge congress to extend and enhance the tax credit.

As for getting approved for a mortgage, the guidelines for financing have changed significantly for first time buyers over the past 12 months. A year ago buyers were being approved with credit scores around 580. Today’s guidelines for credit scores are 600 to 640 with a threat to increase to 660 early in 2010. With the guidelines tightening, buyers need to understand what helps and hurts their credit report.

There are many resources available to understand what improves and hurts your credit score – so do your research! Here’s one great article from MSN on 7 ways to wreck your credit. Know your credit score before you step foot into a sales center. And, if it isn’t within the appropriate guidelines, do what you need to do in order to improve it.