Monthly Archives: December 2019

2019 Annual Gala Ball Viitorul Roman Society 🎩✨🌙

 

2019 Annual Gala Ball organized by Viitorul Roman Society. Wonderful night at Hotel Maya with a stunning water view in Long Beach. The Gala was opened by the Society’s Secretary, Mrs. Ionela Kloes who welcomed all the special guests, members and participants and was followed by a speech by Mr. Adrian Barbu President of the Society. Right after, Mr. Barbu invited a special guest, Romanian General Consul in Los Angeles, Mr. Cosmin Dumitrescu to say a few words for the audience. Throughout the evening we had Live Music, a delicious dinner was served along with some traditional Romanian pastries and ended with a raffle with special gifts from their sponsors.

 

Balul anual de gală 2019 organizat de Sociatatea Viitorul Roman. O seara minunată la Hotel Maya cu vedere la apă in Long Beach. Gala a fost deschisă de Secretara Societății, Doamna Ionela Kloes, care a salutat toți invitații speciali, membrii și participanții fiind urmată de un discurs al Domnului Adrian Barbu Președintele Societății. Imediat după, Domnul Barbu a introdus un invitat special, Consulul General al Romaniei la Los Angeles, Domnul Cosmin Dumitrescu care a spus cateva cuvinte pentru public. De-a lungul serii am avut Muzică Live, o cină delicioasă a fost servită împreună cu câteva produse de patiserie tradiționale românești și s-a încheiat cu o tombolă cu cadouri speciale din partea sponsorilor.

 

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

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What FICO® Score Do You Need to Qualify for a Mortgage? 😉🏠👍

While a recent announcement from CNBC shares that the average national FICO® score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.

With today’s low interest rates, many believe now is a great time to buy – and rightfully so! Fannie Mae recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the Q3 2019 HOME Survey by the National Association of Realtors said 63% of people believe now is a good time to buy a home. Unfortunately, fear and misinformation often hold qualified and motivated buyers back from taking the leap into homeownership.

According to the same CNBC article,

“For the first time, the average national credit score has reached 706, according to FICO®, the developer of one of the most commonly used scores by lenders.”

This is great news, as it means Americans are improving their credit scores and building toward a stronger financial future, especially after the market tumbled during the previous decade. With today’s strong economy and increasing wages, many Americans have had the opportunity to improve their credit over the past few years, driving this national average up.

Since Americans with stronger credit are now entering the housing market, we are seeing an increase in the FICO® Score Distribution of Closed Loans (see graph below):

 

But hang on – don’t forget that this does not mean you need a FICO® score over 700 to qualify for a mortgage. Here’s what Experian, the global leader in consumer and business credit reporting, says:

FHA Loan: “FHA loans are ideal for those who have less-than-perfect credit and may not be able to qualify for a conventional mortgage loan. The size of your required down payment for an FHA loan depends on the state of your credit score: If your credit score is between 500 and 579, you must put 10% down. If your credit score is 580 or above, you can put as little as 3.5% down (but you can put down more if you want to).”

Conventional Loan: “It’s possible to get approved for a conforming conventional loan with a credit score as low as 620, although some lenders may look for a score of 660 or better.”

USDA Loan: “While the USDA doesn’t have a set credit score requirement, most lenders offering USDA-guaranteed mortgages require a score of at least 640.”

VA Loan: “As with income levels, lenders set their own minimum credit requirements for VA loan borrowers. Lenders are likely to check credit scores as part of their screening process, and most will set a minimum score, or cutoff, that loan applicants must exceed to be considered.”

Bottom Line

As you can see, plenty of loans are granted to buyers with a FICO® score that is lower than the national average. If you’d like to understand the next steps to take when determining your credit score, contact me and let’s get together so you can learn more.

 

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

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.