Your Credit Report affects your ability to get a home loan.
Your credit score is a grade for your credit history. The score is driven by your credit report. When buying a home the underwriter reviews your credit report to determine are you credit worthy. Your credit history is compiled into your credit report.
Borrowers who have made payments on previous and current obligations in a timely manner represent a reduced risk. On the other hand, if you have been irresponsible and have continuous slow payments, judgments, delinquent accounts, etc. on your report you will most likely need to clean up your credit report to obtain a home loan.
Your credit report is similar to a crystal ball for the loan officer.
Some banks are lowering FICO score requirements
Daily Real Estate News announced some banks are lowering the FICO score requirements. One bank is approving loans for scores of down to 550. If you have tried to buy a home and could not get a loan due to your credit score it might be time to try again.
Thinking about buying a Dothan area home and need a loan. Below are things needed when applying for a loan.
Fannie Mae is offering cash incentives
Fannie Mae has a large inventory of foreclosed homes they want to reduce. To help move them through the system Fannie is offering cash incentives toward closing of 3.5% of purchase price. This offer is available as follows:
During the First Look period(first twenty days after listing).
Initial offer must be submitted no later than March 31, 2014.
Close by May 31, 2014.
Bids must indicate up front the buyer wants to be considered for a closing cost discount.
Available to owner occupants only.
Buyer must commit to live in the home as their primary residence for at least a year.
Buyer must be able to qualify for mortgage financing.
Shop for financing just like you would for any other home. You will need a preapproval letter.
Call Bobby 334-701-1102 with questions.
FHA Trims Waiting Period
For case numbers assigned after August 15, 2013 and effective through September 30,2016 FHA may be more lenient with borrowers who went through a bankruptcy, foreclosure, deed-in-liey, or short sale.
There are some qualification requirements including why the event occurred and credit history since the event.
Criteria for satisfactory credit history includes twelve months of good payment historyon payments such as a mortgage, rent, or credit account.
You may can purchase a home sooner than you thought. Check with your mortgage advisor. One of our partners is Lisa Shockey with Interlinc Mortgage.
Stone Creek Landing
Stone Creek Landing is a unique subdivision for the Dothan area. Residents own the interior of their home. The exterior and the building itself is owned by the homeowners association. HOA dues vary around $160 a month and includes homeowners insurance. Common areas include a clubhouse, walking trails, swimming pool, and fish ponds. Lawn maintenance, common areas, and the home exteriors are maintained by the home owners association. There are some single family homes with mostly quadraplexes. You never know your neighbors are there.
The subdivision is fenced. If you are looking for a home with no maintenance where you can live full time or feel your home is being looked after while you are away Stone Creek Landing will be a great place to call home.
Dothan Real Estate Northside Subdivision
Northside Subdivision or Emerald Lake Subdivision as it is most commonly referred to , was established in 1968. The natural spring fed lake is a haven for geese, turtles, red birds, chipmunks, and several species of fish. The lake was donated to the City of Dothan by the residents of Northside for maintenance purposes. The neighborhood most recently placed benches aroud the perimeter of the lake to enhance the beauty of the lake.
The neighborhood holds annual hotdog suppers, bake sales, Christmas open house, and other activities throughout the year such as Halloween parties for the residents. This is all sponsored by the neighborhood “Garden Club”, not a HOA. Membership is not required, but the benefits of being a member are wonderful.
The residents of Northside are friendly and take pride in their home, yard, and neighborhood. “Yard of the Month” contest are held each month for the prettiest yard. There is also a Christmas lighting contest held annually.
Northside subdivision is a hidden treasure in Dothan. Located on the north side of Ross Clark Circle, shopping and dining is very convenient. Wiregrass Commons Mall and the U S Postal Service are well within walking distance.
Very few homes are for sale in Northside subdivision. Check out the Homes available in Northside subdivision.
Dothan Real Estate Grove Park
Grove Park's treelined streets with sidewalks, large play areas, convenience to everything, charming front porches, and friendly neighbors have made Grove Park Dothan's most popular subdivision. Grove Park is of three parts. The original Grove Park is mostly cement fiberboard siding, Grove Park Township is mostly painted brick, the third part is Longleaf Green. Grove Park Township has new construction still in progress. You can find pre loved or brand new homes. Check out the homes available Grove Park Homes For Sale">Grove Park Homes For Sale.
Price your home correctly
Pricing your home correctly when listing makes you money in most cases. The market determines the value of your home. Your agent should be showing you comparable sales to help you determine list price. The closer you can set the list price to actual sale price the quicker the home will sale and the more money it will sell for in most cases.
I ran the numbers for homes sold in Grove Park the past twelve months just to see if there was a price difference in those homes sold without having a price change and those that sold after one or more price changes. I did not include any new construction.
Homes sold without a price change sold in an average of 92 days for an average price per square foot of $107.68 at 94.67% of original list price.
Homes sold after at least one price change averaged 220 days for an average price per square foot of $102.14 at 91% of the original list price.
Pricing the home too high when listing stretched the sale time by an average of 4 months and cost the seller an avarage of about $10,000 more than had they priced the home correctly up front. To find the value of your home for free visit HouseValues.com and complete the requested information.
Banks or their representative cost them money.
Closed on a home today for seven thousand less than another couple offered back in July. The couple who made the first offer had their offer contingent upon their satisfaction with the home inspection. The inspector found way too many issues. The couple still wanted the home but not at the agreed price. We asked for a reduction and the bank refused. Here we are six months later and they sold the home to another couple for seven thousand less than the first couple would have paid would the bank have worked with them.
Dothan Area Homes For sale
We kicked off 2013 with 1210 single family homes available in the Dothan MLS. Back a few months ago we exceeded 1350. This is a good trend although it would be better if those homes had actually sold. Some expired and some were withdrawn.
Still early to report the sales for 2012. We will post the numbers about the latter part of next week. Looking at the numbers available we will be well below the sales for 2011.
Healthy inventory is 500 to 600 homes. This amount of inventory will provide a good selection for buyers and rotate inventory quickly.
Call/text 334-701-1102 with questions about real estate. We are here to assist.
Our goal will be to educate you the consumer whether buying or selling real estate in the Dothan area. We will cover a lot of factors in the process of buying and selling real estate. Along with real estate we will often have local events and news about happenings in the Dothan area.
We are here to assist. Please share questions you may have via email at bobby@DothanRealEstate.us or call/text us at 334-701-1102. Any questions you have someone else also has. We will try to answer here.
We plan to cover a lot of ground. Feel free to tag along. We love company.