According to a recent survey, the majority of current renters and potential homebuyers do not know what is actually necessary to qualify for a mortgage in today's real estate market. Don't let your ideas about qualifying for a mortgage hold you back from house hunting in Jefferson and Berkeley County this fall! Kable Team Realty can help you find your dream home in the Eastern Panhandle and answer any questions you may have along the way, throughout the entire homebuying process.
Consider the following three factors your checklist to prepare to obtain a mortgage in Charles Town, Shepherdstown, Ranson, Harpers Ferry, Martinsburg, Hedgesville, Inwood or Falling Waters:
Many potential homebuyers overestimate the down payment amount needed to qualify for a mortgage. While 20 percent is necessary to avoid private mortgage insurance (PMI), it is not required of all loan types! There are mortgage programs in place where buyers can put down as little as 3 percent to purchase a home. Take a moment to visit our Ways to Save for a Down Payment, as this factor of the process does not need to feel like a barrier to homeownership!
Another factor many homebuyers are unclear on is the credit score needed to qualify for a home loan. In the aforementioned survey, nearly two-thirds of the participants believe very good credit is required to buy a home, with nearly half believing a "good" score is over 780. You may be surprised to learn the average credit scores of those approved for conventional or FHA mortgages are much lower! A recent report from Ellie Mae found the average FICO score on approved FHA mortgages was 689, with the average score on conventional mortgages a 757.
Lenders will want to see your ability to repay your potential home loan and one way they will asses that is with your job history. Eastern Panhandle homebuyers who have held the same position for two years or move will help to move the process along much more smoothly than those who jump around from job to job.
Purchasing a home in West Virginia's Eastern Panhandle is well within your reach this year! Contact Kable Team Realty today to discuss how we can make your dream home in Charles Town, Shepherdstown, Ranson, Harpers Ferry, Martinsburg, Hedgesville, Inwood or Falling Waters a reality.
We look forward to hearing from you!
The Kable Team
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