Santa Ana, California, in the heart of Orange County, has much to offer the prospective homebuyer. Its strongly Hispanic cultural base, along with its many renovated historical sites, provide a dual-nation feel to the area. Santa Ana’s diverse arts and entertainment attractions as well as its close proximity to some of California’s most famous beaches make it quite an attractive market for real estate.
Orange County’s housing prices, in conjunction with other very desirable real estate markets, are rising steadily higher and higher. This is making home loans in the area harder to come by for first time borrowers with less than perfect credit and/or few savings. Fortunately, there are a few steps one can take to make the dream of homeownership a reality.
Credit Reports and Homeownership
It pays to start months in advance when thinking of taking the plunge from renting to buying. Obtaining a credit report from the three major US credit bureaus is the first step. Since mistakes on a report can take weeks or months to get corrected, starting early will prove vital to a comprehensive credit cleanup.
Once a personal report is obtained, individuals can begin paying off their credit card debt, beginning with the high-interest cards. Simply moving debt around won’t result in too much of an improvement. Opening and closing accounts too near loan application time should also be avoided. The emphasis should be on consistency of payments, not taking on new debt or reducing one’s overall credit limit. Luckily, home loan lenders in Santa Ana and elsewhere are now making strides to compete for the business of borrowers once considered too high-risk.