Before you go out and take advantage in this “buyer’s market”, make sure your FICO score is in tact! Do not pass go without getting your pre approval, why? Mortgage lenders will look at your FICO score to determine your credit worthiness in deciding if you’re worth the risk. So, make sure that your credit score is at least a 680+ and you're guaranteed to have a lower interest rate.
Once you know that you are credit worthy, it’s time to research what type of loan to own. Getting a mortgage in today’s market is really tightening up. Most first-time home buyers have to come to the table with a nice down payment. FHA-insured loans require just a 3% down payment, with a loan limit for high-cost metro areas up to $729,750.
Are you worried about coming up with the 3% down payment? Well, what about taking advantage of your IRA account? The typical 10% penalty for early withdrawals made before age 59 1/2 is waived when the money is used for a down payment on a first-time home purchase.
Ok, you have the loan approval, loan type and you know where you’re getting your down payment money from. It’s now time to go house hunting! The internet, open houses, Sunday Tribune, and of course word of mouth, are all great resources to research your dream home. But, the best resource is a knowledgeable Realtor! A good Realtor will not only find your dream home for you, but will negotiate the best deal for you. A great Realtor will get the deal done for you and get the seller to pay your closing costs!
Feel free to contact me direct to schedule a FREE consultation to discuss how you can benefit in this “buyer’s market”! Eunece @ Century 21 Sussex & Reilly.....
312 404-5501
1 comment:
Great post!! Thanks for sharing such an wonderful information ...
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