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

Dated: 09/26/2018

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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.

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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....

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