What Credit Score Do You Need To Buy A House?

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

• 16% Very Poor (300-579)

• 18% Fair (580-669)

• 21% Good (670-739)

• 25% Very Good (740-799)

• 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low…

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How To Gain Wealth with an Investment that YOU Can Live In.

There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.

The National Association of Realtors (NAR) recently broke down the equity gained from price appreciation and principal payments in their Economists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with 80% of the gains coming from price appreciation.

For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases. The full results can be seen in the chart below.

…

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#80 Monday Morning Mortgage Tip: Mark Waterman with Great Western Bank

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Mark Waterman from Great Western Bank. Listen in, as Mark gives a brief explanation of bridge loans and how they can be beneficial to a homeowner who's looking to move. You can reach him at 605.627.0602 or Mark.Waterman@GreatWesternBank.com  His office is located at 1302 6th St., Brookings SD 57006 or on the web at www.GreatWesternBank.com

Bridge Loans  

- Oh yeah.

- Hey, good morning everybody. Shane here from the Brookings Home Team powered by Century 21. 8:15 again, Monday morning, a little chilly Monday…

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If You Are a Millennial, You could be 1 of 46 Million that Are Ready for a Mortgage

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now…

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328 22nd Ave-OPEN HOUSE

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$ Click for current price
3 BEDROOMS | 2 Baths (1 full, 1 ¾ bath ) BATHROOMS | 2028 SqFt

STOP RENTING AND LOOK AT THIS! Chances are that current monthly rent payment could be the same as a monthly house payment for this home. It''s been almost 30 years since this home has had a new owner, and if you are on the fence about buying, take a peek at this 1971, Ranch home with 3 Bedrooms and 2 bathrooms. New flooring and some new paint, plus a 3 Season Room to include a Hot Tub for those long days or entertaining. Close to Parks & Shopping. Call…

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OPEN HOUSE at 304 Horseshoe Bend

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$ Click for current price
3 BEDROOMS | 2 Baths (1 full, 1 ¾ bath ) BATHROOMS | 1344 SqFt

BRAND NEW, WAITING FOR YOU. A pet friendly park and a new mobile home waits for you. 2017, 1344 finished sq. ft. sits a never before lived in mobile home. 3 Bedrooms, 2 baths with a tiled shower in the Master Bedroom. Beautiful kitchen with a center island that has room for 4-6 people, electricity, sink and a built in dishwasher. Check out the built in, lighted hutch with lots of storage. Stunning home, just waiting for its new owner. Call Today For A…

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How Long have YOU Lived in Your House? How Does that Compare Nationally?

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.

As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made…

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#79 Monday Morning Mortgage Tip: Stacy Himley with Guaranteed Rate

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Stacy Himley from Guaranteed Rate.  In this episode, Stacy talks about the things buyers can be aware of in regards to their income during the pre-qualification process. You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com  Her office is located at 304 4th St Brookings SD, 57006 or on the web at www.Rate.com/StacyHimley

 Bonuses/Overtime Pay: How They Affect Pre-Qualification

- All right, here we go, good morning everybody! Shane, here, from the Brookings Home Team Powered by Century 21. I…

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Are You a Baby Boomer, and Ready to Downsize?

For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame?

Here’s what some of the experts have to say on the subject:

Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren't yet ready to sell their homes.”

According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes.

It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes? 

Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to…

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Why Hasn't My House Sold Yet?

If Your Home Hasn’t Sold Yet… Check the Price!

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

If your house hasn’t sold, it is probably because of the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

Bottom Line

The housing market is hot. If you are not seeing the results…

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