Your credit score is 1 of 3 keys credit items a lender examines when you apply for a loan. The other 2 items are equally as important. These are the amount of monthly credit payments you are making, and your credit history. Example: you can have a 680 credit score, but not be eligible for… [Read More]
Mortgages: FHA vs VA vs CONVENTIONAL – Which one is Right?
The simple answer is: which one gets you the mortgage for the house you want. Here are some key highlights: FHA FHA (Federal Housing Administration) loans are available to all borrowers and are guaranteed by the government. The mortgage is issued by the bank, not the government, but the government insures the loan against default…. [Read More]
Average Approved Mortgage Credit Score: 719; But, You Can Get Mortgage w Low Credit Score
The Average Credit Score of Americans reaches 700 for the first time ever. The overwhelming majority of mortgages continued to be given to those homebuyers with the highest credit scores. But you can still get a #mortgage loan with a low credit score. A report just released by the New York Federal Reserve Bank shows… [Read More]
Buying a House – How To Save Money
Sticker shock, expecting one dollar amount to close or one monthly mortgage payment and getting a higher amount happens too many times. I often work with some homebuyers that struggle to close and find themselves short of cash. Or, paying more than they rent. Here is a guide: whatever you think it will cost, add… [Read More]
Do You Need a Realtor to Buy a Home?
Do you need really Realtor to buy a home? No. Should you get a realtor? Yes. Hundreds of thousands of buyers buy without one. But in my experience, the benefits far outweigh not using one. 3 reasons to hire one: Saves you time; Get information and help with negotiations; Many benefits and services a realtor… [Read More]
USDA Mortgages are $0 Down
USDA (mortgages) stands for the United States Department of Agriculture. Originally, the program was designed to help families with moderate income buy rural housing. Or, homes in the country, far away from the city. Today, with urban sprawl, you can get a USDA mortgage close to work or other city life. Here are the highlights… [Read More]
The 3 Items You Need for a Mortgage
The 3 Items You Need for a Mortgage To get a mortgage, you need credit, money and a loan officer. Credit means 3 things: 1. a credit score – a 580 gets you a low down payment FHA mortgage, you can down to 500 for a VA mortgage; 2. current or open credit items, and… [Read More]
Key Facts for First Time Homebuyers
Here are some key facts every First Time Home buyer wants to know: If you have average credit, not too much debt, and 2 years of income, you are on your way to qualifying for a mortgage. Real estate and mortgage professionals are there to help you each step of the way. Realtors’ fees are… [Read More]
10 Mortgage Questions To Self-Identify if You Qualify
Do you have a credit score above 580? Proper Answer: Yes. Unless you are a veteran or have money to place a 10% or more down payment, you need a 580 credit score to qualify for an FHA or USDA mortgage. Veterans can go down to 500. Do you have open credit items for at… [Read More]
VA Mortgages – Keys Facts
VA (Veterans Administration) mortgages are perhaps the best mortgage programs around. They offer $0 down, no mortgage insurance, and one can qualify with a credit score down to 500. Sadly, a majority of veterans and their families are either unaware of how easy it is to qualify, or the benefits of the program. Many believe… [Read More]
