Here’s a great blog for first time home buyers or a great refresher course for those about to buy their second or third home.
Updated: 4/6/2024 A recent lawsuit came to a judgement concerning the National Association of Realtors and some large real estate firms regarding the way commissions and fees are handled. Like most lawsuits, a settlement is in process and the first set of changes to real… Read More »The Real Estate Transaction is Changing!
Welcome to our newsletter/blog, “Preparing to Buy a Home”. Many of you reading this article will be first time home buyers and this is a great place to start. Knowledge, action and follow-though are the key elements to successfully go from renting to owning a… Read More »Welcome to “Preparing to Buy a Home”
Step #1 – Know where your credit score is today. There are three (3) major credit bureaus: Transunion, Equifax and Experian. You’re allowed a (one-time per year) complimentary access to your credit report from: www.AnnualCreditReport.com. This is a federal approved website that won’t charge you… Read More »Building an Excellent Credit Score
The good news is that you don’t have to save 20% of the home purchase price plus closing costs to purchase a home. There are mortgage loans available that have a 3.5% down payment and if you qualify for a down payment assistance program, you… Read More »Saving for a Down Payment
If your credit score is lower than you’d like, there may be several things you can do to bring your score up. Depending on what’s holding your score down, you could add as many as 100 points to your score in just a few months. … Read More »Improving your Credit Score – Quickly!
Your credit score is moving in the right direction. You’ve identified a down payment and monthly mortgage payment you can afford. Savings are growing quickly so it looks like you’ll achieve that golden goal for a down payment. Next, you’ll want to take a look… Read More »Debt to Income Ratio
Payment History (35%): This is whether you’ve made payments on time. If you’ve never missed a payment, a 30-day delinquency can cause as much as a 90-110 point drop in your score. Debt-to-Credit utilization (30%): Debt ratios to available credit above 30% work against you.… Read More »How a Credit Score is Calculated
Life was simpler long ago. You showed up at the bank, gave them a stack of cash and they called it your down payment. Unfortunately, today is a system of rules and regulations. Mortgage lenders are required to verify that the monies being used for… Read More »Down Payment Gifts
What’s the minimum “Down Payment” required? – Depending on the type of mortgage loan you’re qualified for a down payment can be as low as 3.5% of the property purchase. If you’re a Veteran in good standing, VA Loans have a no down payment option.… Read More »Down Payment Basics – Part 1
Let’s start with where we are. In 2020, the American Community Survey Census reported that of all homes, condo’s, townhouses, mobile/manufactured homes and apartment units, Reno had 52% as rentals and Sparks at 41.3%. That means that a little less than 50% of all residents… Read More »How do I get out of Renting and move to Owning a Home?