Tips for purchasing a short sale home:
Are you a patient buyer? Often it takes anywhere from 2 to 4 months to complete a short sale!
Be sure you completely understand the short sale process before making an offer on the property
The road to home ownership doesn't start with getting pre-approved by a lender or with choosing a real estate agent. The quality of your wallet begins the home buying process. Without an acceptable FICO score, buying a house is more difficult and, you could find yourself renting longer than you expected in Newton County, Missouri until your FICO score is acceptable.
A FICO score is a collection of your years of credit history based on an instrument developed by Fair Isaac and Company. The score ranges from 300 to 850, with the majority of people normally having a score of 600. In recent years, however, some people have seen their score drop dramatically after unemployment, charged off credit card accounts, or credit card accounts that were closed because they don't carry a balance. Some of the factors in summing up your FICO score are:
In reviewing your credit history, you'll see that you actually have three reports. Experian, Equifax and TransUnion. You have a credit score with each of the bureaus.
Lenders want to ensure that allowing you a loan isn't a risk for them. Your FICO score gives lenders an insight into what type of borrower you'd be solely because of your credit history. You'll need a score of at least 700 to get a decent interest rate. You'll still qualify for a mortgage with a lower score, but the interest accumulated over time could be more than double the amount of someone having a superior FICO score.
At First Home Mortgage Company we work with all tiers of credit history. Call Karen Cunningham (417) 624-8778 and I can help you get on the right track to the home of your dreams
Staging your home is all about marketing. You want buyers to see themselves calling your house "home". You want them to see your current home as their next house.