WHAT FICO®SCORE DO YOU NEED TO BUY A HOME?

Only 25% of the Americans have a FICO® Score between 740 and 800. Bob Idakaar of Weichert Realtors works with buyers to overcome the problems of getting a Mortgage.

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)

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!
It is true that the average FICO® score for all closed loans in January 2019 was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae

Average FICO Score

As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675! One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year. Bob Idakaar of Weichert Realtors and BobsHomes.net brings the right Mortgage professional into the transaction.

Here is the increase in the average US FICO® Score over the same period of time.

Bottom Line
At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, please let’s get together and see which kind of financing fits best.

My 21 years of experience will help you find the best house to go with what fits your budget and which town you’d like to cal Home!

 

2019 Morris County NJ Housing Predictions

Have you noticed more signs with Homes for Sale lately? Slower and steadier will characterize next year’s housing predictions.

Forget fevered bidding wars and snap home-buying decisions!

Affordability issues will remain a top concern going into 2019, seems like there will not be rising mortgage rates.    And…. some of 2018’s more intractable issues will begin to loosen up. The volume of for-sale homes is expected to rise. morris county nj housing market predictions

One of the biggest complaints among buyers in the last several years is that there weren’t enough homes for sale. The 2019 Morris County NJ housing market predictions are in and it looks like it will be a perfect time for first time buyers.

Attention home sellers, you need to recognize those days of frenzied market are over. You must price competitively to sell your home according to housing predictions.

The supply crunch is expected to ease some in 2019 with inventory rising 10 percent to 15 percent. 2019 might be a most opportune time to enter into the world of Home ownership for the First Time Buyer! It will also be a great time for Sellers with so many active buyers looking for Homes in the Morris County area.

For more info and to set an appointment to see what Homes may be of interest; please call  Bob Idakaar 973-713-2377 or BobIdakaar@att.net

Please visit me on Face Book Bob Idakaar- Realtor
And at www.BobsHomes.net
Bob Idakaar GRI

CLICK HERE TO SEARCH FOR YOUR DREAM HOME

2019 New Jersey Housing Market Predictions

Have you noticed more signs with Homes for Sale lately? Slower and steadier will characterize next year’s housing market.  Forget fevered bidding wars and snap home-buying decisions!

housing market predictions

Affordability issues will remain a top concern going into 2019, seems like there will not be rising mortgage rates.    And…. some of 2018’s more intractable issues will begin to loosen up. The volume of for-sale homes is expected to rise. 2019 is going to be a more friendly Housing Market.

For home sellers, they need to recognize those days of frenzied market are over. They must price competitively to sell their home.

One of the biggest complaints among buyers in the last several years is that there weren’t enough homes for sale. The 2019 New Jersey Housing Market is going to be a perfect time for the first time buyer.

The supply crunch is expected to ease some in 2019 with inventory rising 10 percent to 15 percent. 2019 might be a most opportune time to enter into the world of Home ownership!

For more info and to set an appointment to see what Homes may be of interest; please call  Bob Idakaar 973-713-2377 or BobIdakaar@att.net

Please visit me on Face Book Bob Idakaar- Realtor
And at www.BobsHomes.net

CLICK HERE TO SEARCH FOR YOUR DREAM HOME