What ๐‘ช๐’“๐’†๐’…๐’Š๐’• ๐‘บ๐’„๐’๐’“๐’† Do You ๐‘ต๐’†๐’†๐’… ๐‘ป๐’ ๐‘ฉ๐’–๐’š ๐‘จ ๐‘ฏ๐’๐’–๐’”๐’†? ๐Ÿค”๐Ÿ’ญ๐Ÿกโ“๐Ÿง

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 FICOยฎ Score between 740 and 800. Here is the breakdown according to Experian:

โ™ฆ 16% Very Poor (300-579)
โ™ฆ 18% Fair (580-669)
โ™ฆ 21% Good (670-739)
โ™ฆ 25% Very Good (740-799)
โ™ฆ 20% Exceptional (800-850)

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

โ€œJust because you have a low credit score doesnโ€™t mean you canโ€™t purchase a home. There are a lot of options out there for consumers with low FICOยฎ scores,โ€

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICOยฎ 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 FICOยฎ score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICOยฎ Score of closed FHA Loans since April 2012 according to Ellie Mae:

MEM-Average-FICO-Score-of-Closed-FHA-Loans

As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICOยฎ 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.

FICOยฎ reported,

โ€œSince October 2009, the average year-over-year FICOยฎ Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.โ€

Here is the increase in the average US FICOยฎ Score over the same period of time as the graph earlier.

MEM-US-Average-FICO-Score

Bottom Line

At least 84% of Americans have a score that will 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, contact us and letโ€™s get together to help you set a path to reach your DREAM!

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐๐จ๐๐œ๐š๐ฌ๐ญ ๐„๐ฉ ๐Ÿฐ๐Ÿฎ – 7 ๐™ˆ๐™ž๐™จ๐™ฉ๐™–๐™ ๐™š๐™จ That Could Get Your ๐™ƒ๐™ค๐™ข๐™š ๐™‡๐™ค๐™–๐™ฃ ๐˜ฟ๐™š๐™ฃ๐™ž๐™š๐™™ ๐Ÿ‘‚๐ŸŽง๐Ÿ”Š

Hi! Here is my newest Podcast episode.

๐ŸŽ™๏ธ๐Ÿ‘‚๐ŸŽง๐Ÿ”Š

ย CLICK HERE

๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

Episode 42 – 7 ๐™ˆ๐™ž๐™จ๐™ฉ๐™–๐™ ๐™š๐™จ That Could Get Your ๐™ƒ๐™ค๐™ข๐™š ๐™‡๐™ค๐™–๐™ฃ ๐˜ฟ๐™š๐™ฃ๐™ž๐™š๐™™

๐Ÿ“‘๐Ÿ’ฐโŽ๐Ÿ 

You can also find it on iTunes.

http://bit.ly/adypodcastย  orย  http://bit.ly/adyitunes

Please contact us if you have more questions

or comments about this or other Real Estate topics.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

Do You Know ๐‡๐จ๐ฐ ๐Œ๐ฎ๐œ๐ก Your ๐‡๐จ๐ฆ๐ž Has ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ in ๐•๐š๐ฅ๐ฎ๐ž? ๐Ÿก๐Ÿ’ฒ๐Ÿค”

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

โ€œHomeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.โ€

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogicโ€™s Home Equity Report.

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.

1. Desirable Location
2. Improved National Economy
3. Improved Local Economy
4. Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, contact us, we can help you to discover the hidden opportunities in your home!

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐™Š๐™ฃ๐™š ๐™ˆ๐™ค๐™ง๐™š ๐™๐™ž๐™ข๐™š.. You ๐˜ฟ๐™ค ๐™‰๐™ค๐™ฉ ๐™‰๐™š๐™š๐™™ 20% Down to Buy a Home ๐Ÿค”2๏ธโƒฃ0๏ธโƒฃ%๐Ÿ’ตโžก๏ธ๐Ÿก

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.

In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!

According to the โ€œBarriers to Accessing Homeownershipโ€ study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.

The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.

In a recent Convergys Analytics report, they found that 49% of renters believe they need at least a 20% down payment.

The median down payment on loans approved in 2018 was only 5%! Those waiting until they have over 20% may already have enough saved to buy now!

There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!

Bottom Line

If your five-year plan includes buying a home, contact us, we can help you determine what it will take to make that plan a reality. You may be closer to your dream than you realize!

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐™’๐™–๐™ฉ๐™˜๐™ ๐™ค๐™ช๐™ฉ! These 7 ๐™ˆ๐™ž๐™จ๐™ฉ๐™–๐™ ๐™š๐™จ Could Get Your ๐™ƒ๐™ค๐™ข๐™š ๐™‡๐™ค๐™–๐™ฃ ๐˜ฟ๐™š๐™ฃ๐™ž๐™š๐™™. ๐Ÿ–โœŒ๏ธโŽ๐Ÿ“‘๐Ÿ’ฐ๐Ÿ 

You are Pre-approved for a loan, you find your dream home, you made an offer and it is accepted! After you open escrow any of these 7 mistakes could get your home loan denied right at the end of the process. Donโ€™t let a mistake push you backwards from making your dream come true.

Contact us and let us help you to make your home dream come true.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐Ÿ๐ŸŽ๐Ÿ๐Ÿ— Will Be a ๐‘ฎ๐’“๐’†๐’‚๐’• ๐’€๐’†๐’‚๐’“ for ๐‘ฉ๐’–๐’š๐’†๐’“๐’” ๐‘จ๐‘ต๐‘ซ ๐‘บ๐’†๐’๐’๐’†๐’“๐’” โœจ2019โœจ๐Ÿ ๐Ÿข๐Ÿ’ฐ๐Ÿ‘Œ

Many homeowners believe that rising interest rates and home prices have scared away buyers and therefore have not listed their houses for sale. However, the truth is that buyers who were unable to find a home last year are out in force, and there are even more coming!

NerdWalletโ€™s 2018 Home Buyer Report revealed that:

โ€œApproximately one-third (32%) of Americans plan to purchase a home in the next five years. Millennials are most likely to have such a purchase in their five-year plan (49%), versus 35% of Generation X and 17% of baby boomers.โ€

As we can see, buyers are optimistic! According to the report, here are the top reasons Americans plan to buy:

reasons why americans buy homes

The most common reason Americans prioritize buying is that they believe itโ€™s a good investment!

If youโ€™re a homeowner looking to sell, 2019 is the perfect year to put your house on the market. But why?

1. Buyers want to buy
2. No competition!

At least 3 of the renowned organizations that report on real estate market trends predict that homeowners are going to wait until 2020 to list their homes, leading to a nice increase in sales (as shown in the graph below).

total home sales forecast

Donโ€™t wait for a competitive market; be ahead of the curve and sell your house at the best possible price!

Bottom Line

There are more and more buyers entering the market every day! Whether youโ€™re a first-time homebuyer or a current homeowner looking to move-up to your next home, contact us and let us help you to make of 2019 a great Real Estate Year.

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

What ๐˜๐จ๐ฎ ๐–๐ข๐ฅ๐ฅ ๐๐ž๐ž๐ to Get a ๐‡๐จ๐ฆ๐ž ๐‹๐จ๐š๐ง Today. ๐‡๐ž๐ซ๐ž ๐š๐ซ๐ž ๐ญ๐ก๐ž ๐›๐š๐ฌ๐ข๐œ๐ฌ. ๐Ÿ‘‰๐Ÿ“„โœ…๐Ÿ’ฐ๐Ÿก๐Ÿ˜‰

The 3 main things for getting a ๐‡๐จ๐ฆ๐ž ๐‹๐จ๐š๐ง are: Down payment, Income and Credit. ๐‡๐ž๐ซ๐ž ๐š๐ซ๐ž ๐ญ๐ก๐ž ๐›๐š๐ฌ๐ข๐œ๐ฌ.

Contact us and let’s get your process started today!

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

What is the ๐‘ช๐’๐’”๐’• ๐’๐’‡ ๐‘พ๐’‚๐’Š๐’•๐’Š๐’๐’ˆ Until Next Year to Buy? โœจ๐Ÿ’ฐ๐Ÿก๐Ÿขโœจโณ๐Ÿ’ธ๐Ÿคจ

Some Highlights:

โ™ฆ The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
โ™ฆ Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019.
โ™ฆ CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.
โ™ฆ If you are ready and willing to buy your dream home, contact us, we can help you to find out if you are able to!

HAGA CLICK AQUIย ๐Ÿ‘‰๐Ÿ‘‰๐Ÿ‘‰ Para ver la Infografรญa en Espaรฑol

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐Ÿญ๐˜€๐˜ Step to Buy a Home: Getting ๐๐ซ๐ž-๐š๐ฉ๐ฉ๐ซ๐จ๐ฏ๐ž๐ ๐จ๐ซ ๐๐ซ๐ž-๐ช๐ฎ๐š๐ฅ๐ข๐Ÿ๐ข๐ž๐ or Both. ๐Ÿก๐Ÿ’ณ๐Ÿ’ฐ๐Ÿ“„โœ…

๐Ÿก๐Ÿ’ณ๐Ÿ’ฐ๐Ÿ“„โœ…

The first step in buying a new home is to go to a Bank or a Loan Broker to get a Pre-approval letter NOT a Pre-qualification letter. Knowing the difference between the two will save you time and it will put you on the perfect position for your house hunt.

The Pre-approval letter you will get after they verify your paperwork will tell you exactly how much you can buy based on your income, expenses and credit. A Pre-qualification letter is only a guess based on what you said without verification.

Contact us and let’s team up to find that dream house.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

Podcast Ep 41 – 1st Step to Buy a Home, Yes Pre-approved No Pre-qualified. ๐Ÿก๐Ÿ’ณ๐Ÿ’ฐ๐Ÿ“„โœ…

Hi! Here is my newest Podcast episode.

๐ŸŽ™๏ธ๐Ÿ‘‚๐ŸŽง๐Ÿ”Š

ย CLICK HERE

๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

Episode 41 – 1st Step to Buy a Home, Yes Pre-approved No Pre-qualified.

๐Ÿก๐Ÿ’ณ๐Ÿ’ฐ๐Ÿ“„โœ…

You can also find it on iTunes.

http://bit.ly/adypodcastย  orย  http://bit.ly/adyitunes

 

Please contact us if you have more questions

or comments about this or other Real Estate topics.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.