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?
Cox Communication VIP Program
Keeping in tune with the utilities post, we’re sharing a perk with you today. It’s the VIP program offered through Cox Communications, & it’s loaded with benefits if you’re setting up new service or transferring service. To participate in the program, your Realtor refers you and submits your information via fax to Tasha Casey-Loveless, the VIP program director. After your information is processed, you’ll receive a call from the VIP team to set an appointment time for installation.
OKC Metro Public Utility Service Resources
Whether you’re buying or selling, when it’s moving time, you’ll have the tedious task of setting up or transferring utility services. Your time is valuable, so that’s why I’ve created a list of public utility contacts by city, for you. Just find your city in the list below and call, or follow the links to check for pricing information.
Benefits of the Oklahoma Homestead Exemption
When you purchase a home, you are not always presented with all of the information you need to make the best choices in protecting your family and your assets. Some of the title companies I work with give you more in-depth information at the closing table on this topic than others which is why I decided to write on this post. Even the County Assessor’s website only addresses one facet of the exemption (tax liability) and it is, in my opinion, the least concerning. Sooo…….
OKCMAR’s Green REsource Council
In January, Oklahoma City Metropolitan Association of Realtors launched a Green REsource Council. Our mission is to make the knowledge of green real estate practices available to everyone and to encourage our industry to produce greener homes and buildings. We have had two meetings to date and our agenda gets longer each time. The committee includes, Sarah Del Valle, Ryan Hukill, Katrina Washington, Shawna Vann, Simon Shingleton, Vickie Dupree, Elizabeth Foraker, Gayle Hough and myself.
Home Buyer Credit Extended and Expanded
On November 6, 2009 new legislation was signed into law extending the existing First Time Buyer Tax Credit and expanding it to include existing homeowners. Let me explain a little bit about changes made to the existing credit first:
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