Today’s Arizona housing market belongs to the Arizona homeowners ready to sell. With the average Phoenix home receiving multiple offers from buyers, sellers have serious leverage right now to set terms that work for them. Contact me today to learn about the best options for selling your house this spring.
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Don’t let the recent rise in #mortgagerates derail your plans to buy a home. In reality, rates are still lower than they’ve been in decades. Contact me to get started on the homebuying process and still get a great mortgage rate.
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According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borrowers with lower credit scores.
The fact that the average American has seen their credit score go up in recent years is a great sign of financial health. As someone’s score rises, they’re building toward a stronger financial future. As more Americans with strong credit enter the housing market, we see a natural increase in the FICO® score distribution of closed loans, as shown in the graph below:
If your credit score is below 750, it’s easy to see this data and fear that you may not be able to qualify for a mortgage. However, that’s not always the case. While the majority of borrowers right now do have a score above 750, there’s more to qualifying for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home. Here’s what Experian, a global leader in consumer and business credit reporting, says:
There’s no doubt a higher credit score will give you more options and better terms when applying for a mortgage, especially when lending is tight like it is right now. When planning to buy a home, speaking to an expert about steps you can take to improve your credit score is essential so you’re in the best position possible. However, don’t rule yourself out if your score is less than perfect – today’s market is still full of opportunity.
Bottom Line
Don’t let assumptions about whether your credit score is strong enough put a premature end to your homeownership goals. Let’s connect today to discuss the options that are best for you.
By KCM
Last year Surprise AZ started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the Arizona economy, and the Surprise AZ residential housing market had the strongest January and February activity in over a decade.
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Last March, many involved in the Arizona residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, Arizona and Phoenix real estate had one of its best years ever. Home sales all over Arizona and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash.
However, there are many reasons this Arizona real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
