A mortgage is one of the biggest single debts you’re likely to willingly take on. As such, being able to properly manage your mortgage is very important. With so many options when it comes to,
Facts To Know When Purchasing A Home 3rd Blog September 26 2018
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.
My name Yadira “Gina” Vazquez also known as JerzyGna and I’m a Florida REALTOR®, my office is located at 264 Central Ave Winter Haven, FL. I hold a Community Association Manager (CAM) License a....