How is your Credit? Tougher lending laws are now are now leading Fannie Mae to require a minimum of 620 credit score as a qualification for some loans. This includes FHA and VA loans. However, in order to get the best rate, a credit score of 720 is required and verifiable income.
In the past a mortgage broker was able to shop around for the best rates, but the new procedures and the Home Valuation Code of Conduct (HVCC) have made this difficult. Lenders will no longer take a broker-commissioned appraisal, so the Buyer will have to pay for a new appraisal for each lender. This costs time and money. However, for those needed that extra help, then a broker is the best bet.
Despite all this, now is a good time to buy. Interest rates are low, prices are favorable and there is a possibility of an extension of the federal tax credit.
If your credit does not qualify make sure you take steps to raise it. Pay your bills on time and pay off your debt. Also, never close an old credit card and use as small a portion of your available credit that you can.
Lastly a 30-year fixed is the best mortgage to take. You never have to think about it again.
Now is a good time to buy!
Buying or Selling Los Angeles Real Estate
Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!
When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.
If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.
Westside Los Angeles Real Estate, including, but not limited to:
- Westwood Real Estate – Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
- Brentwood Real Estate – Brentwood single family homes, Brentwood condominiums
- Santa Monica Real Estate – Santa Monica single family homes, Santa Monica condominiums
- Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
- Culver City Real Estate – Culver City homes
- Silver Lake Real Estate - Silver Lake single homes
- Echo Park Real Estate – Echo Park homes
For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.
