Home buyers who face the challenge of covering the upfront costs involved with buying a home may be eligible for a grant up to $2,000 through The Callaway Bank.  The bank has combined a grant they received from the Federal Home Loan Bank of Des Moines with their own funds to create the program for buyers with low to moderate incomes.
“People are often surprised by the additional costs involved in buying a home in addition to the house itself,” said Rick Gohring, Callaway County Market President.  “There are upfront expenses such as inspections and title insurance that add an extra burden, especially to people with modest incomes. They’re working to improve their life and build equity, and this grant helps them get established.”

Derek Abbott, one of last years grant recipients is a Firefighter in Columbia.

This is the second time since 2013 that the bank has offered the program and hopes to make it an ongoing program to the community.  The first round of grants offered by the bank went to six Mid-Missouri homeowners, including a local fireman and teacher.  The grant funds can be used to pay for the expenses that come with buying a home, including appraisals, title insurance, inspections, and the down payment.
The grants are available to buyers with low to moderate incomes in the Callaway County and Boone County areas. Applicants cannot exceed certain income criteria, and homes must meet certain requirements based on type and value. Other requirements may also apply based on restrictions set by the Federal Home Loan Bank.
“Helping our clients reach their goals of home ownership is something special that we enjoy being a part of,” said Gohring.
The pool of funds available is limited and are expected to be used by the end of 2015.  Those interested in seeing if they qualify should contact a lender at The Callaway Bank for full details on requirements and how to apply.

Your credit report is considered to be a report of your financial reputation, or your financial report card.  Every time you use your credit card or any other loan in some way, your transactions become part of your credit record, or your credit report.

A credit report literally keeps track of how you handle credit.  For example, it tracks if you pay on time, and how much money you are currently borrowing, among other things. Lenders rely on these reports to determine whether or not you will repay your debts.
You are given an overall credit score, or FICO (Fair Isaac Corporation) score, on your credit report.  A median FICO score ranges from 690 to 740; this number is compiled using the following information (listed in order of importance):

1. Payment history
2. Amounts you owe
3. Length of credit history
4. New credit
5. Types of credit used.

Using the FICO score will help a lender determine whether or not you will be approved for a loan as well as how much of a credit limit you will receive. Generally, the information in your credit history will remain on your credit report for seven years; however, if you file for bankruptcy, that information will stay on your report for up to 10 years.
You should always be aware of what is on your credit report. By Federal mandate, you have the option to go to www.annualcreditreport.com to receive a free copy of your credit report each year. Take advantage of being able to review your credit report annually and report any sort of discrepancy you may see.
Monitoring your credit report on a regular basis will help protect you from identity theft or other type of fraud, which will save you money and maintain your financial reputation in the future. Furthermore, the law requires the credit reporting agency to make corrections if an error is found.
Your credit report truly is your financial reputation. Take the steps needed to not only monitor your report, but improve your score if necessary.  To learn more about your credit report, or to talk with one of our loan officers, call 800.446.2265.

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