Wells Fargo Lowers FHA FICO Score to 580
In late January two big players in the lending industry loosened up their FICO requirements. According to one consumer group a third of Americans currently have a FICO score less than 620. Most lenders currently require 620 or higher to qualify a buyer for a loan which is why Wells Fargo and Quicken’s decision to lower this by 40 points has caused such a buzz. Like most Realtors, I had clients who stood to benefit from this program so I picked up the phone and called Tammy Mazza at our local Wells Fargo to find out the details.
Homebuyer Assistance Programs
In a recent poll of “American Attitudes About Homeownership” by the National Association of Realtors, 95% of owners and 72% of renters said they believed that it makes more sense to buy than rent. So, why is it so hard to make the switch? If you have ever purchased a home, you know that there are some significant upfront fees involved with buying. Most first time buyers look to an FHA loan because it has the lowest required down payment at 3.5% of the sales price compared to the 5% required by a conventional loan. In addition to the down payment, there are lender fees, title fees, inspection and appraisal fees, etc. The good news is that there is help available to low to moderate income families.
We are Ready to Make an Offer!
When a client tells me they are really interested in a property and ready to make an offer, there are a few things I do to prepare for writing the offer. As an informed consumer, I am sure that you want to know all of the aspects you should consider rather than randomly choosing a number and going for it….probably not the best choice! You want to go to the negotiating table fully armed with any and all of the information to help you write a good offer, while trusting your gut at the same time.
How Walkable is Your Neighborhood?
It’s not often that I see people commuting by bike or foot in Oklahoma City, though I believe this will become more commonplace as our city increases bike lanes and sidewalks. According to Walkscore.com, Oklahoma City has an average walk score of 42 with zip codes 73102, 73103, 73106, 73118, 73104, 73139, 73112, 73107 and 73109 with an average score of 50 or higher.
Looking for a Local Lender
When looking for a loan, there are some things you should consider before settling on a lender. Are they are mortgage lender or mortgage broker? Do they offer a product that will best fit your needs and save you the most money? Can you actually get in a car and drive to them if problems arise or would you have to hop on a plane to New York to track them down?
Tax Time! Do you Qualify for a 2010 Energy Tax Credit?
If you completed installation of any energy efficient improvements before December 31, 2010, now is the time to check to see if they qualify for a tax credit. 2009-2010 were overflowing with amazing opportunities just asking to be taken advantage of. Here is a break down of all the qualifying energy efficient upgrades:
Private School Resources
Below is the contact information for some of the larger private and parochial schools in the Oklahoma City metro. If there are additional resources you would like me to add, please comment or send me an email.
Public Schools Resources
I wanted to pass along some contact information for our local public school systems. Great Schools is a ratings of public and private institutions and it is a good place to start your search. There you will find reviews from parents. I also find forums like OKC Talk a good place to find candid reviews of just about anything dealing with our great state specifically as it relates to the OKC metro….and if all else fails, throw your school questions out on Twitter or Facebook. Below are websites and phone numbers to reach several of the school districts around the metro.
Do You Groupon?
About a year ago I started hearing advertisements on the radio and television for ridiculously good deals on food and entertainment… 50% off at Paseo Grill, Cafe Nova or other locally owned fine dining restaurants. I am always looking for a deal so I must have been especially in tune with this marketing campaign but then it spread and evolved.
Chamber of Commerce
The Chamber of Commerce is a fabulous resource for local businesses to connect but it is also a wonderful place for consumers to find out more about an area they are interested in. The Oklahoma City Chamber of Commerce states its goals as this:
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