It's a fabulous summer for San Antonio home sales. There's a larger than usual inventory of reasonably priced and well prepared resale homes. New home builders are enticing buyers with valuable incentives. Mortgage interest rates are historically low.
Yet, many buyers have been holding back, concerned about their ability to acquire a mortage loan and confused about the sustainability of the national economic recovery.
Nonetheless, lenders report a promising trend. It appears more prospective buyers are now willing to launch their home search and are wisely consulting with a loan officer about qualifing for a mortgage loan.
Lenders report the average loan seeker almost always starts the loan qualifying discussion with questions about the significance of the FICO credit score. Most people already know their score but aren't sure what it means. Here's the answer.
FICO scores generally fall between 550 and 800. Nearly 20% of the U.S. population have a credit score under 620 and that's the cutoff for a prime-rate loan. But the FICO score is only one of many factors taken into consideration when qualifying for loan. For example, income and debt issues can offset even the best FICO score.
Once all factors are taken into consideration, a loan officer can advise a prospective buyer to either start looking for a dream home or to take steps to improve the financial factors holding back qualiflying for a mortgage loan.
We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
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