If you or someone you know is looking for a first home, knowing where to start might seem a little intimidating. But don’t be discouraged! There are lots of ways to make sure you can find (and own!) a home that is perfect for your needs. Here are five great tips on for how you can find a starter home in a hot housing market!
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Purchasing a home is a very exciting process! As the housing market becomes more competitive, it’s even more important to be prepared so you can obtain a mortgage with the best rate. Part of this preparation includes knowing your credit score and understanding the role it plays in the mortgage process. Different types of mortgages have different credit score requirements. For example, conventional mortgages typically require that borrowers have a higher credit score, such as 720 or above, while FHA mortgages can allow for scores down to 560 (depending on the investor and other qualifications).
With that in mind, here are 7 steps you can take to prepare your credit before applying for a mortgage.
Your credit score can make the difference between whether or not you qualify for a mortgage. It can also affect your interest rate and how much home you can afford. See the tips below for keeping your credit score healthy!
For information about what's in a credit score, check out our video.
A renovation loan is a great option if you have found a home, but it needs a little TLC. A 203k Limited Renovation Loan (also referred to as a Streamline 203k), allows you to finance up to $35,000 for non-structural repairs and improvements. Perhaps you are looking for a loan that allows for kitchen or bathroom remodeling, roof replacement, or basement finishing. There are no minimum repair requirements and a great feature is the product allows you to finance up to 110% of the of “after-improved” value of the property.
The Limited 203k is also “easier” than other renovation mortgages. That means that you don’t need as much documentation as you would for other loans. There is no consultant or plan reviewer required, no detailed work write-up and you only need contractor bids and a signed contract.
Watch our renovation loan video here for more information. You can also contact your Loan Originator for more information about this product!
A light and refreshing treat, watermelon sorbet is a great way to cool down without the calories of ice cream. Kids and adults alike will enjoy the crisp and tangy flavor of watermelon paired with lemon.
3 cups watermelon (chopped with seeds removed)
1/2 cup sugar
1/2 cup water
1/4 cup lemon juice
Mint sprigs to garnish
Combine the sugar, water, and lemon juice in a medium sauce pan. Cook over medium heat until the sugar is dissolved, stirring occasionally. Remove sugar mixture from heat and let cool.
Puree the watermelon in a blender or food processor, then pour into the cooled sugar mixture.Then pour the mix into a freezer-safe container and freeze until firm.
Scoop and serve in bowls and garnish with mint leaves.
Yield: Approximately 4 cups