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

Dated: 09/26/2018

Views: 68

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

Stranded Without A Kitchen Island

When it comes to home improvements, there are few things that are requested more often than kitchen islands. Having a kitchen island can totally change the way that you work in your kitchen, and in

Read More

Hone Elements Worth Keeping

Whether you're looking for a home with character, or interested in selling one, I'm here to help! Send me a message to get started today. #thehelpfulagent #worthkeeping #houseexpert #homestyle

Read More

Top Repairs To Tackle Before Listing Your Home

When you put your home on the market, you obviously want to get as much as you can for the property. A lot of things can affect your home’s value, including many items that are largely out of your

Read More

Whats Trending In Outdoor Kitchens

Outdoor kitchens have been popular for years. Not only do they give you an excuse to enjoy beautiful weather outdoors but they’re also great for entertaining. Having a nice outdoor kitchen can

Read More