Welcome back to the weekly update! I apologize for the lack of updates last week, but we’re back on track. There’s a lot to go over, so here’s what we’re covering today!
- Planning on Buying a Home with FHA? You Might Want to Check with Your Lender
- Suddenly Working From Home? Here are a Few Ways You Can Stay Focused!
- Listing of The Week
Planning on Buying a Home with FHA? You Might Want to Check with Your Lender
Yes! The ability to buy and own your own home is a big dream for many Americans-according to the National Association of Realtors (NAR) 84% of Americans believe in buying a home as a sound financial choice. Along with the ability to do what you want when you want, live wherever you want and have a space to call your own it’s understandable why many want to be homeowners! Luckily in this day and age, there are many ways to finance a home; from conventional loans to FHA loans, even rural agricultural loans if it fits! (For more on these, please speak with your local lender.) But, with everything going on in the world, and people requesting loans to keep them afloat, does that change anything for you?
If you’re hoping to get an FHA loan, it might.
Unlike conventional loans, FHA loans are government-backed loans. This means that buyers with lower credit scores or those who don’t qualify for a conventional loan can still buy a home. Typically there’s a lower down payment of 3.5%, but stricter guidelines when it comes to buying home-no chipping or peeling paint, the roof still has to have a certain amount of years of use left, etc., along with any other repairs that you as a buyer request a seller to fix, should you choose to do so.
In recent years, FHA loans normally needed a FICO score of 580* to qualify, but banks and mortgage lenders may have different rules. However, with the current pandemic outbreak, and many homeowners either working from home, laid off, or simply not working the banks are worried-how are these homeowners going to make their payments? On top of that, there are now more people looking to buy homes (33% of homeowners for 2019 were first time home buyers!)
So, along with re-evaluation, and trying to protect themselves, it seems as though the new magic number is a FICO credit score of 620*-though it might be different for you, and the institution you use. Many buyers now are citing that the bank they were hoping to use for their loan is now giving them trouble, or they were going to be approved, but have suddenly been told that they can’t be.
What’s a buyer to do?
Talk to your lender or your bank-give them a call to find out what’s going on, or if you still qualify for an FHA loan, and if you don’t what you can do to help improve your credit score so that you will qualify. It’s frustrating for sure and it can feel like you’re being shut out. Communication is key in times like these so that you and your lender can work as a team to get you pre-qualified, and so your realtor can get you in the home of your dreams.
*this is an estimate, and you should talk with your local lender or financial institution to see what applies to you.*
Suddenly Working From Home? Here are a Few Ways You Can Stay Focused!
One day you’re in the office and bam! Suddenly you’ve joined many Americans making the fast adjustment to WFH: Working From Home. As someone who works from home a lot ( I mean hey, why go into my office if my home office has almost everything and my favorite kind of coffee creamer?) here are a couple of tips to help you with the adjustment, and staying on task and focused!
- Follow Your Routine. If you wake up and shower at 5:45 am every morning keep doing it. Staying in routine will help you stay in a ‘work’ mindset and less likely to sleep in, stray away to the living room, etc.
- Find your workspace. If you don’t already have a home office, find a quiet distraction-free work area. Kitchen, Dining Room, Basement, wherever you can spread out and get your work done. Make sure you’re only doing work in this workspace-no Netflix, Hulu, or anything to distract you so you only associate this space with work.
- This sounds like a silly one, but get dressed for work! Some people can pull off working in their PJ’s, but if you’ve noticed that you’ve had trouble keeping on task, get into your work clothes like you’re going to go to work.
- Make your space an environment where you can be productive. Now, this is different for everyone, but do what puts you in that ‘okay I’m at work’ mindset. For me, this involves lighting a clean smelling candle (like linen, ocean, etc.) and putting on video game background music; currently, I have the Animal Crossing: New Horizons soundtrack playing now.
Hopefully, these few tips and tricks can help make the transition into working from home easy & productive!
Listing of the Week
1021 Prairie Dr 102
Bedrooms: 2
Bathrooms: 2
Sq Ft: 1,025
Garage Spaces: 1
Description: Very nice and well cared for FIRST FLOOR condo in a great location! Features 2 spacious bedrooms (master with walk-in closet) 2 full baths with new flooring and commodes in both. Open living space with new carpet throughout the unit and beautiful sunny patio to relax right off the living room. Extra storage area also! Kitchen has new flooring, faucet and 1 year old refrigerator. Water heater, washer and dryer are only 2 years old. 1 car attached garage. Seller is also offering a Home Warranty with the property for your piece of mind.
For more information, click here.