What does the new FICO model mean for Home Buyers?

FICO Model Home Buyers, Bruce Moore, Louisville Realtor

The new FICO scoring model goes into affect this fall and it’s good news for home buyers looking for a mortgage!

According to this article by NYTimes.com:

One big change is that FICO will no longer weigh Medical Debt as importantly as before. So, if your credit is mostly good with a few dings due to unpaid medical bills, your score will likely go up by quite a few points! If the increased score is good enough, it could mean the difference in qualifying for a mortgage or not. It’s also likely that your higher FICO can qualify you for a better interest rate.

FICO Model Home Buyers, Bruce Moore, Louisville Realtor

Why the Change?

“We found that for someone where medical collections is their only derogatory, it is not as negative as a regular unpaid collection would be,” said Anthony Sprauve, a FICO spokesman. “So we adjusted the algorithm.”

Also, many times “medical bills ended up in the hands of collectors because of a billing error or some other confusion about what should have been paid by health insurance.” This unfairly dings your credit score.

What’s the Catch?

Mortgage Lenders tend to drag their feet when it comes to adopting new FICO models. Sometimes it takes years for them to actually apply the new rules.

The Bottom Line?

It’s definitely a step in the right direction.

What do you think about the new rules?

Bruce Moore, Realtor
RE/MAX Connections
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

(Image courtesy of Stuart Miles / FreeDigitalPhotos.net)

To Rent or Buy – That is the Real Estate Question

Guest Blog:

(via http://loans-lifestyle.com)

One of my relatives recently decided to buy some property and is now going through the difficult task of finding the right place to settle down for the next few decades. It’s a lengthy process, involving communication with immediate family members…

Continue reading “To Rent or Buy – That is the Real Estate Question”

April Existing-Home Sales Show Modest Improvement Behind Gaining Inventory

April Existing-Home Sales Show Modest Improvement Behind Gaining Inventory (via MarketWired)

SOURCE: National Association of Realtors May 22, 2014 10:00 ET WASHINGTON, DC–(Marketwired – May 22, 2014) –  Existing-home sales increased for the first time this year in April, while inventory meaningfully increased and home price growth moderated…

Continue reading “April Existing-Home Sales Show Modest Improvement Behind Gaining Inventory”

Getting a Mortgage in Today’s Environment

Getting a Mortgage in Today’s Environment
Thank you, Sandy Melton of Century Mortgage Co.

Divorce your rate campaign!  When shopping for a mortgage, you need to know that you will be able to “perform” per the terms and conditions of your contract.  I have been originating for over 30 years, and I have worked with the largest banks in the country, owned my own company, and I must say, I am thrilled to be with Century Mortgage Company, which is the largest originator in this region.  I can say with confidence and experience that Century Mortgage has been the best decision I have made as far as my industry.  Remember, rate is one thing, but the APR (annual percentage rate) is what you are really paying.   If you got this fantastic rate with a huge bank, but you can’t close, what good did this do you.

Mortgages are a good kind of debt, and one of the only that are tax deductable.  Many of you only do this every 5 or 7  years, and remember, what you read on the internet is not gospel.  If so, we would ALL lose 30 lbs in 30 days, guaranteed.  You want to depend on someone that does this every day of their life!

Speaking of divorce, if you are finding yourself in this situation, call me and we can go over the options of refinancing.   Many folks in Kentucky qualify for “first time homebuyers” mortgages that offer down payment assistance, even though you may have just sold a house, or had to quit claim it over to an ex spouse, so don’t panic if you have the  money for a down payment, there are programs designed for your needs….as long as your credit score is over 640 and you have a steady job, you can get into a home.

Credit scores are a tricky, frustrating requirement that lenders require, and typically it must be 620 or greater.  If you or a child are trying to build a credit score, we can guide you in the right direction with the tools to accomplish your needs.  You must have three trade lines that have been active for typically a year.  A trade line is revolving credit such as a VISA card, and an installment loan such as a car loan.  Do not close your revolving credit cards, this will lower your score!

Sandie Melton
Loan Originator
Century Mortgage Company

502-753-4162 (Office)
http://cmcloans.com/smelton

Century Mortgage, Bruce Moore Realtor Louisville

 

 

 

 

Low Inventory in the Highlands makes this The Best Time to Sell Your House!

Have you been thinking about selling your home in the Louisville Highlands?

Do you know what’s going on with the Real Estate Market in the Highlands?

Prices are spiking! Why? Because inventory is low and Buyers are looking! This creates a fabulous opportunity for homeowners interested in selling their house.

NOW is the time to list your house!

Selling a house in the Highlands of Louisville, Bruce Moore Realtor

Look at the chart for the first quarter of 2014:

Total Active Listings: 427 (First quarter 2013 – 509)

Days on Market: 72 (First quarter 2013 – 112)

Number of Home Sales: 130 (First quarter 2013 – 181)

Average Sales Price: $210,513 (First quarter 2013 – $177,263)

All of this is great news for you, the home owner! Seriously, this is an amazing time to get your house on the market and get it sold.

Have questions? Feel free to call me anytime. I’d love to help!

Bruce Moore, Realtor
RE/MAX Connections
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

REMAX once again Number One in Louisville!

RE/MAX agents once again have the lions share of the
Louisville real estate market!

Real Estate Market Share 2013 in Louisville Kentucky

 

Ready to find your perfect home in Louisville?  Get the best service with a RE/MAX agent.
Call me…. I can help!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Top 10 Reasons to Hire a Real Estate Agent

Just ran across this great poster showing exactly why you should hire a Realtor to buy or sell a home.  Credit goes to The KCM Blog.com

Top 10 Reasons to Hire a Real Estate Agent, Bruce Moore, Realtor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Call me! I can help you find your perfect home!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Home buyers willing to pay more than asking price?

Have ya heard?  According to an Inman News article, home buyers are now willing to pay more than the house’s asking price. That’s great news if you’re in the market to buy a house!

What’s more, “1 in 4 buyers would pay seller’s closing costs”.

Sell a home,Louisville Realtor, Bruce Moore

The reason?  People are ready and willing to buy a house but the inventory of available houses is still very low. There simply are not as many homes for sale as there are buyers.

What does this mean for you?  If you’ve been thinking about selling your house, now is the perfect time! The combination of still-low mortgage rates, fewer homes on the market and more buyers out there ready to buy means a faster sale and higher price for you!

Call me to sell your home quickly!
Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

The Louisville Real Estate Market is HOT! Check it out!

The July 2013 National Housing Report shows a 12% price growth in the housing market. That’s great news!

National Housing Report, Real Estate Market News

How is the Louisville real estate market doing?

  • The Median Sales Price was up 4% over May, 2013
  • Closed Transactions were down by 5% over May, 2013 but up 5% over June 2012
  • The average Days on Market was 3 days less than May, 2013
  • Monthly Inventory – houses on the market – was down 2% over May, 2013

All good news for Louisville residents looking to buy or sell a house. The local real estate market has rebounded nicely!

Ready to sell your house in Louisville? Looking for the perfect home to buy? Call me!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

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