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Your FICO score and how it affects your mortgage

Your FICO score

Are you about to apply for a mortgage loan in order to buy a home? If so, you may be curious about your FICO credit score and how this might affect your financing.

Here’s a look at how FICO scores can affect your mortgage and ways that you can boost your score to ensure your mortgage application is approved.

What is a FICO Score?

The Fair Isaac Corporation (FICO) is the country’s leading producer of credit scoring information and the primary source most lenders will check to assess how much risk you present. FICO combines information from credit bureaus such as TransUnion, Experian and Equifax and produces a score ranging from 300 to 850. The the better your credit history, the higher your score, and the lower the risk you present to lenders.Continue Reading

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7 things to avoid after applying for a mortgage

7 Things To Avoid After Applying for a Mortgage!

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home.

But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan. Following is a list of 7 things you shouldn’t do after applying for a mortgage! Some may seem obvious, but some may not!Continue Reading

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Applying for a mortgage? Be prepared for these questions

Applying for a mortgage? Be prepared for these questions

When you apply for a mortgage, you expect your lender to have some questions. But the truth is, your lender is going to have a lot of questions — and if you know what to expect before you start the application process, all of those questions can feel a lot less jarring and invasive.

A recent article from Realtor.com outlined a variety of questions you should expect when applying for a mortgage, including:Continue Reading

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Are mortgage myths holding you back from buying a home?

Getting a mortgage might be more attainable than you originally believed.

A recent survey from Fannie Mae finds that a huge percentage of Americans are overestimating what it takes to secure a mortgage — and those misconceptions about mortgage qualifications could be holding people back from purchasing their dream home.

Fannie Mae’s survey aimed at exploring how well consumers understand the basic requirements for obtaining a mortgage. And what they found were a lot of misconceptions. Continue Reading

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Past Bankruptcy? You could buy a home sooner than you think

Dealing with a Past Bankruptcy? You Can Still Buy A Home—And Sooner Than You Might Think

In the past 6 years, more than 5 million Americans filed for bankruptcy. And while many people believe that filing for bankruptcy causes long-term financial ruin — and will keep them from ever being able to purchase a home — it turns out that might not be the case.

According to The Cost of Bankruptcy, a recent study from Lending Tree, within a year, 43 percent of people with a bankruptcy on their record are able to get their credit score to 640 or higher, which is the credit level typically necessary to qualify for a home loan. Continue Reading

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No… You do not need a 20% down payment to buy a house

You do not need 20% down to buy a house.The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still confused about what is required to qualify for a home mortgage loan in today’s housing market.

According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In reality, there are many loans written with a down payment of 3.5% or less.

Many renters may actually be able to enter the housing market sooner than they imagined with new programs that have emerged allowing less cash out of pocket, such as an FHA loan with as little as 3.5 percent down.

And, if you’re planning to buy a primary residence in Green Valley or Sahuarita, you may qualify for a USDA loan, which offers great interest rates and $0 down payment options. This is a great option for anyone on a fixed income or first-time buyers who want to limit their out-of-pocket expense. For veterans, be sure to investigate a $0 down payment VA backed loan.

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ