MortgageCast

If your forbearance is approved as part of an agreed-upon plan with your servicer, they should report it to the credit bureaus as “current” or as being in a forbearance plan, which typically does not negatively impact your credit score. However, if you were already late on payments before the forbearance was granted, those late payments would have already damaged your credit.

The first step is to thoroughly review your finances. Create a detailed budget to understand your income, expenses, and current savings. Then, subtract the funds you need to keep for closing costs, emergencies, and moving to see what remains for a comfortable and affordable down payment.

Prioritize: Splurge on key items you use daily (like a mattress and sofa) and save on accent pieces.
Buy Over Time: You don’t need to furnish every room at once.
Shop Secondhand: Look for quality solid wood furniture at estate sales, auctions, and online marketplaces.
Wait for Sales: Major holidays are the best times to buy big-ticket items.

The best time to lock your rate depends on market conditions and your personal risk tolerance. Many borrowers choose to lock once they have an accepted purchase offer and have selected a lender. It’s a good idea to discuss timing with your loan officer, who can provide insight into current market trends.