The U.S. Department of Housing and Urban Development is promoting rules that would force lenders to make closing costs easier to understand and reveal payments to mortgage brokers.

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Sellers face any number of challenges, but what if you’re in the position of listing a modest home in what has become an “upper- end” community?  You might not expect to fetch a selling price that compares to the McMansions that have popped up, but you might be surprised to learn that, if presented and marketed properly, you could get even more on a per square foot basis.

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Credit Score Needed for Buying a Home in 2008
By Brandon Cornett

Credit reports and scores are a popular topic among home buyers these days. In truth, this has always been an important topic for people buying a home, but it’s even more important today.

After the subprime lending crisis that came to a head in 2007, the federal government began to tighten down on mortgage lenders. In response to the alarming number of mortgage foreclosures, the government stepped up regulation of lenders. And as a result, those mortgage lenders will pay closer attention to a borrower’s credit score today than they did a few years ago.

So what kind of score does a home buyer need in the current economy? As in the past, this depends on the individual mortgage company involved and their particular lending practices. But one thing is for certain — a better credit score will certainly make your home buying process easier. It will help you qualify for a loan quickly, and it will also help you secure the best interest rate on that loan.

Let’s Get Specific – The Average Score in the U.S.

Ask ten different financial experts what the average credit score in the U.S. is, and you will probably get ten slightly different answers. With that said, most will agree that the average score falls between 650 and 700. Keep in mind that higher is better.

Additionally, a score of 720 or higher is ideal for the home buying purposes. You will have no trouble qualifying for a mortgage loan with a score over 720, and you’ll also quality for the best interest rates and terms. This is key, because it translates into a smaller mortgage payment each month. And who doesn’t want that?

Improving Your Credit Before Buying a Home

Now let’s assume that you have requested copies of your credit scores from a website like MyFICO, and it you’ve found that it is lower than average (and certainly lower than the ideal range of 720 or above). How do you go about increasing your score before buying a home?

Here are some things you can do:

• Most importantly, make sure that you pay all of your bills on time (credit card bills, car payment, etc.). This will improve your score faster than any other single act.
• It’s also wise to pay down your debt as much as possible, starting with those credit card balances. This will give you a more favorable debt-to-income ration.
• Lastly, be sure to avoid any new lines of credit or loans. You don’t want any new forms off debt dragging you down when trying to buy a home.

So let’s summarize what we have learned…

What credit score do you need in order to buy a home? That will depend on the lender. But most experts agree that a 720 or above is needed to get the best interest rate on your mortgage loan. You might get approved for a loan with a lower score than that, but you certainly won’t get the best interest rate.

So the key is to (A) know what your score is in the first place, and (B) work hard to improve it before applying for a mortgage if it’s low. These have always been important things for home buyers to do, but they are even more important today as a result of the tougher regulation of the lending industry.

Brandon Cornett publishes a weekly blog column under the alias “Captain Credit.” To learn more about home buying credit scores and similar topics (from a home buying angle), please visit the Captain at http://www.homebuyinginstitute.com/credit.phpArticle Source: http://EzineArticles.com/?expert=Brandon_Cornett
http://EzineArticles.com/?Credit-Score-Needed-for-Buying-a-Home-in-2008&id=1044509Bennington VT

Bennington VT

“RE/MAX real estate” ranks No. 2 among real estate search terms on the Internet, according to a recent study by Hitwise, an online competitive intelligence service.

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When you’re buying a home, who do you think is the most important person in the transaction?  YOU, of course!  That doesn’t mean you won’t need experienced professionals for guidance and assistance, but quite frankly, if YOU choose not to buy, the entire process comes to a halt.

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Both homeowners and real estate agents are best served when a home sells quickly for a good price.  There are many steps both parties can take to achieve that goal, and a recent trend is proving its value: whether the local market is hot or cool, statistics reveal that a “Staged” home will sell faster and for a higher price.

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Are you a first time buyer looking for a home in the Bennington, Vermont area? If so, you are probably asking yourself if you can afford to buy the home of your dreams. 

You can talk to the experts and use a mortgage calculator, but only you know if you can really afford to buy. To begin, take a good hard look at how you spend your monthly income – and include everything, like movies and popcorn. You’ll see where you may have wiggle room in your budget and what you can afford for housing. 

After looking at your present budget, add in the expenses of owning a home. Maintenance costs like home owner’s association fees, utilities, closing costs, real estate taxes, the trip to Home Depot to fix a leaking faucet, mortgage insurance (if needed) and furniture for your new home all add to your bottom line. 

Remember to keep emergency cash available – don’t sink everything into your real estate purchase. Expect the unexpected. 

Contact Troy Richardson for help in finding the right home in the Bennington, Vermont area. 

The world’s Number One real estate organization has just landed in your neighborhood.  RE/MAX Maple Leaf Realty is Bennington County’s newest real estate brokerage.  Locally owned and operated by Kathy Sollien and Troy Richardson, the newly renovated office is located at 203 Northside Drive in Bennington.

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