Facts To Know When Purchasing A Home 3rd Blog September 26 2018

Dated: September 26 2018

Views: 82

Here are a few ways you can position yourself and your finances to improve your chances of landing a loan.

 ⦁Save a larger down payment. For those with a credit score, a larger down payment is a necessity — not an option. 

⦁Check your credit score The first thing you need to do before looking into buying a house is to check your credit score and fix errors on your credit report.


 What are considered “good” and “bad” credit scores? 

 720+ = Excellent credit 

 680-719 = Good credit

 620-679 = Fair credit

 580-619 = Poor credit 

 579 and lower = Bad credit 

 Types of Loans most commonly used 

⦁Conventional Mortgage. This is the most commonly used type and usually has the best rates.

⦁FHA: The Federal Housing Administration offers 3.5% down payment mortgages through participating lenders. FHA loans are also easier to qualify for and have slightly lower rates than conventional mortgages. 

⦁USDA: Home buyers in rural and suburban areas may be able to qualify for home loans offered by the U.S. Department of Agriculture. USDA loans offer low rates and 100% financing. 

⦁VA: Eligible veterans, as well as active duty service members and their families, can qualify for Veterans Administration loans. A VA mortgage requires no down payment involved.

Blog author image

Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

Latest Blog Posts

Attic Ventilation Basics

When you think of your home, the last thing you probably imagine is that it can breathe. Well, maybe not literally breathe, but it does have a way of moving air in and out, whether you like it or

Read More

Pet Friendly Indoor Plants

Having a pet, no matter how old, is a lot like having a toddler around. You’re constantly having to make sure it’s not going to put itself in harm’s way by doing something unexpected, like

Read More

Is It Safe To Hire In Home Workers

As a part of maintaining good social distance, many people are limiting who they bring into their homes. But this can lead to a bit of anxiety when you need to bring in some extra help to do jobs

Read More

Combat Rent

Buying means you're building equity—and not giving your hard-earned dollars to someone else. Let’s find your home worth buying. #thehelpfulagent #home #listreports #houseexpert #house

Read More