Question about mortgages and debt
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Question about mortgages and debt
| Thu, 10-16-2008 - 10:51am |
The town I live in just starting a program to help people people who work in our town and are first-time home buyers to buy a home. They help secure a very low rate and also help pay for closing costs and a down payment. My only concern is my debt. Right know, we are in debt about $15,000. (If it matters,

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I remember that restriction, too, but I think it may have been changed-- if you have a letter proving it's a gift and not a loan.
I encourage anyone with questions about credit scoring to check out this forum
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654
Lots of great info and MANY people who have lots of experience with credit.
Good Luck!
Sarah
Wow, super helpful! That's the first place I've seen definitively say it is better to hold smaller balances over several cards vs. a bigger balance on one.
If you don't mind, I'm going to put this down in the resources area too so it is easier to find.
Peg
We are hoping to get a down payment from our parents too.
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