CTC Land and Home Real Estate
2444 State Route 38A
Moravia, NY 13118
Taken from TBR (Today's Buyer's Rep) online 12/24/10
"It's a brave, new world with respect to credit requirements for mortgages," says John Ulzheimer, founder of 2StepCredit.com and formerly of FICO, which pioneered credit scoring.
One old rule still applies: The higher your credit score, the lower your down payment and monthly payments.
"Below 660 or 680, you're either going to have to pay sizable fees or a higher down payment," Zigas says. And that's pretty much the cutoff score for getting a mortgage, he says.
Vicki Bott, deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, says that her office has noticed much the same thing. "While there are many qualified borrowers in the 580 range, the market today is probably (looking for) 640 to 660, at a minimum," Bott says.
On the other end, a score of 700 to 720 will get you a good deal and 750 and above will garner the best rates on the market, Ulzheimer says.
Improve your chances by: pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts, Zigas says.
Stop applying for new credit a year before you apply for financing. And keep the moratorium in place until after you close on your home, Ulzheimer says.
Taken from RIS Media-The Leader in Real Estate Information System - May 25,2010
by Dan Steward
Tips for Buyers:
"1. Don't buy if you don't plan to stay
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money...
2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying additional points-a portion of the interest that you pay at closing-in exchange for a lower interest rate. If you stay in the house for a long time-say three to five years or more-it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
4. Hire a home inspector
A home inspector can let you know if you're about to buy a lemon or warn you about potential problems. At least, you can move into the house confident that it's in good shape; at worst, the inspector's report can let you negotiate the home price to account for necessary repairs.
5. Get professional help
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in their lifetime. The key to avoiding buyer's remorse is to be completely comfortable before signing on the dotted line."
Did you know that sellers who choose to use a real estate professional will make on the average 16 percent more on the sale of their home?
It is possible to do a Property Search within this site. Our office belongs to two MLS Systems, Ithaca/Tompkins County and Cayuga/Greater Syracuse area, which now includes the Cortland area.