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Can You Get A Mortgage With A Low Credit Score? Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV". Applicants who have a minimum decision credit score of less than 500 are not el...igible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims. The FHA does make allowances for loan applicants with a "non-traditional credit history or insufficient credit" may be able to be approved for an FHA loan if they meet FHA requirements for such circumstances. The minimum credit scores listed here are in effect for most FHA home loans for single family residences with a few exceptions which include (but are not limited to) Title 1 HECM loans and HOPE For Homeowners loans. Always ask an FHA loan expert or your local FHA lender about your credit score and what you qualify for. Don't assume you cannot be approved for an FHA insured home loan--do you have changes in your credit score since the last time the credit reports were run? You may have options that can improve a poor credit score over time. Some potential borrowers may need to spend a year or so repairing bad credit and establishing a reliable payment history. Those with past credit problems can often improve their scores over time and become eligible even under the new updated FHA minimum credit score requirements. The first step is to request help from the FHA for credit counseling or first time homebuyer counseling. Help is available. If you have any questions, call: 215-867-6200 610-828-9558 Soldbygeraldalston.com Coldwell Banker

What Is The Definition Of A First Time Home Buyer? HUD defines a first-time homebuyer as someone who has never owned a home before. An individual who has not owned a home for at least three years is also considered a first-time homebuyer. For couples, if one spouse is a homeowner but the other spouse has never owned before, then, according to the FHA, both spouses are considered first-time homebuyers. Other Marriage Considerations... A displaced homemaker who has only ever owned a home with her husband is considered a first-time homebuyer. A displaced homemaker is a person who has worked only in the home for a substantial number of years. A single parent who has only owned with a former spouse is also considered a first-time homebuyer under FHA guidelines and able to take advantage of first-time homebuyer programs. soldbygeraldalston.com Coldwell Banker 610-828-9558 215-867-6200 See more

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Can Hardwood Flooring Improve The Resale Value Of Your Home? Absolutely! Hardwood floors can help sell your home faster and for more money. Why? Because hard...wood flooring is the preferred flooring choice and it improves the value of your home. And, if you don’t believe me, ask any realtor, and they’ll tell you the same thing. A majority of Realtors surveyed by the National Wood Flooring Association said houses with hardwood flooring are easier to sell, sell for more money, and sell faster. And, a study of home buyer preferences by USA Today using data from the National Association of Realtors found that the majority of home buyers were willing to pay more for a home with hardwood flooring, especially among buyers under the age of 55, and it seems to be especially important (and often expected) in homes in cooler to mid range climates (i.e. Northeast, Mid Atlantic/most of east coast, Mid West). I often have people ask me about the Return on Investment (ROI) for hardwood floors, and I’m going to tell you that it’s flat out near impossible to find accurate and recent data for this. Virtually all of the Home Improvement ROI studies don’t include hardwood flooring as one of their projects (I have no idea why that is, but I find it kind of annoying because I’m pretty sure the ROI is very strong.) Perhaps they don’t include it because it’s just too challenging for them to measure (especially in our area where so many of the houses already have hardwood flooring) or it could because hardwood flooring is in such demand that’s it’s either refinished or added as soon as someone buys a new homeand hence, they are far away from selling their home (and may not sell the house for another 20-30 years and by then, so many other home renovations have occurred and of course the market has changed as well.). Does hardwood flooring increase your house's value? I have seen anecdotal reports estimating that the ROI probably ranges from 90% to 250%, but I’m not sure if these estimates have real or just perceived data behind them. (Bear in mind that most improvements do NOT net you a positive returnkitchen and bathroom remodels generally only give you a 60-75% ROI). Please note that improving value and return on investment are 2 different things. They often go hand in hand, but they are two different questions. 1. Does hardwood flooring improve the resale value of your home? Yes, without a doubt. How much? That I can’t tell you. 2. What is the return on your investment? This is the golden question and there aren’t good data available. But, most likely it is positive (and very positive, and probably one of the smartest investments you can make on your home). And, it appears to provide a higher return than most other remodeling projects (such as additions, kitchen and bathroom remodels). And, as you’ll see, you’ll have a much better return on hardwood vs most other flooring surfaces. The trend towards hardwood flooring keeps growing year after year. Not only has it become more stylish (and more affordable), but also as allergies and asthma are on the rise, the number of home buyers requiring hardwood has increased. What is the return on investment for hardwood flooring? Hardwood flooring is a smart investment not only because hardwood looks beautiful and feels luxurious, but they are also easier to clean and they last a long long long time. In fact, most hardwood floors last well over 100+ years. (We’ve even refinished many from the 1800s and several from the 1700s). They are the real deal and they are an authentic part of our lives and homes. Hardwood flooring adds more elegance and natural charm to virtually any room in the home. Aside from its genuineness, hardwood floors are visually warmer and radiate an aura of warmth and friendliness within your home. From traditional to contemporary, wood flooring offers style and versatility, allowing you to decorate and redecorate without having to perform costly renovations. While adding new hardwood floors will INITIALLY cost you more than carpet, in the LONG RUN, it will save you a lot of money. Carpet gets dirty and worn and needs to be replaced. Many replace carpet every 7-10 years. As a rule of thumb (and costs and assumptions will vary), hardwood flooring usually costs around twice as much as carpet. So, by the time you replace the carpet once, you’ve already spent at least as much as you did on hardwood (and that doesn’t even factor in that prices are rising over timeand rising more rapidly on carpet than hardwood (as carpet is petroleum based)). Nor does it factor in the improved value for your home if you add hardwood (vs. carpet does not improve the value of your home). hardwood floors increase a home's valueFor perspective, as a general rule of thumb, hardwood floors often cost 30%-50% more than laminate floors. Hardwood improves the value of your home much more than laminate (in fact, it’s not clear if laminate will improve the value of your homeand this may depend on the neighborhoodit may have a modest impact in lower end areas and may have no impact (or potentially negative impact) in high end areas. And, of course, hardwood floors will last way longer than laminate floors. While hardwood floors need to be periodically sanded and refinished, please note that this cost is significantly lower than the cost of replacing the carpet, and with carpet you also have annual carpet cleaning costs. www.soldbygeraldalston.com

WHAT COLORS HELP A HOME SELL? When it comes time to sell your home, you might consider making some changes to make it more appealing to buyers. According to a new analysis by Zillow, paint color should definitely be a change you consider. After analyzing more than 32,000 listing photos of homes that have sold across the US, Zillow came up with a list of the colors that performed the best.... For example, homes that are painted "greige," a shade somewhere between light gray and beige, tended to sell for $3,496 more than similar homes in brown or tan. "Color can be a powerful tool for attracting buyers to a home, especially in listing photos and videos," Svenja Gudell, Zillow's chief economist, said in a press release. "Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray, not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space. Incorporating light blue in kitchens and bathrooms may pay off especially well as the color complements white countertops and cabinets, a growing trend in both rooms." Here are Zillow's findings on what colors to choose (and which to avoid): Kitchens: Blue (light blue to soft gray-blue): home sold for $1,809 more on average Yellow (straw yellow to marigold): home sold for $820 less on average Bathrooms: Blue/purple (light powder blue to periwinkle): home sold for $5,440 more on average White/no color (off-white or eggshell white): home sold for $4,035 less on average Bedrooms: blue bedroom Dimasik_sh / Shutterstock.com Blue (light cerulean to cadet blue): home sold for $1,856 more on average Pink (light pink, to antique rose; often found in kids rooms): home sold for $208 less on average Dining Room: Blue (slate blue to pale gray blue; navy blue also found in dining rooms with white shiplap): home sold for $1,926 more on average Red (brick red, terracotta, or copper red): home sold for $2,031 less on average Living Room: Brown (light beige, pale taupe, oatmeal): home sold for $1,809 more on average Blue (pastel gray, pale silver to light blue, periwinkle): home sold for $820 less on average Home Exterior: Gray/brown (greige mix of gray and beige): home sold for $1,526 more on average Brown (medium brown, taupe, or stucco): home sold for $1,970 less on average Front Door: Gray/blue (navy blue to dark gray or charcoal): home sold for $1,514 more on average

Residential Rents Rising at Faster Rate in Most U.S. Cities 5.3 Percent Fewer U.S. Homes on the Market Than in 2017 According to the May 2018 Zillow Real Estate Market Report, median rent is appreciating more quickly this spring than last in 27 of the 35 largest U.S markets....Continue reading

5 Essential Questions to Ask Your Mortgage Lender Questions to ask your lender: Let’s face it, it’s much more fun to search for homes online and attend open houses than it is to research your home loan. After all, what’s not to like about house huntingyou get to see beautiful homes and imagine yourself living in them....Continue reading