Tom Daves is a top real estate agent in Auburn with over 35 years of industry experience. With a thorough understanding of the real estate climate, Government regulations, and upcoming developments, Tom can help you buy or sell any property within a matter of days at the best value.

The credit score required to buy a house

Lenders, in general, look for a baseline credit score that you must possess to be eligible for a home mortgage loan. Mortgage lenders consider a score of 700 and above as an excellent score, and individuals with such a score get to enjoy a low-interest rate. If you have a score in the 600s, some lenders see you as a risky applicant, and you may find your application getting denied.

However, for a credit score of 680 and above, you may get approved for a home loan. For applicants whose scores lie below 620, getting a mortgage loan may not be an option. These are only the credit requirements for getting conventional fixed-rate mortgages. Homebuyers can apply for FHA or VA mortgages with credit scores as low as 500.

Homebuyers' checklist

If you are a first-time buyer, you must know the processes and steps involved in buying a home to ensure a smooth sail. Here is a checklist for first-time homeowners:

  • Determine your affordability and make sure to get pre-approved before shopping for a house
  • Find a reliable and experienced real estate agent with a thorough understanding of the neighborhood
  • Once you have a house that you like, submit an offer and conduct a home inspection

Lastly, get an appraisal, renegotiate, and close the sale. Tom is the top real estate agent in Auburn, with exceptional negotiation skills and knowledge.

Challenges of buying a house

The home buying process can be a bumpy road to take, with several obstacles along the way. However, knowing these obstacles in advance can help you prepare for it and help you deal with them in an organized fashion. Some of them include:

  • Finding a down payment - Most homeowners need the support of a mortgage loan to buy a house. The most popular types of mortgages are FHA and conventional loans. Both these loans require a minimum down payment of 3 to 15% of the total price. Finding a lender and getting approved at a lower interest rate can be a challenging and time-consuming process.
  • Finding the right real estate agent - It takes a skilled and astute real estate agent to precisely understand your budget, home requirements, tastes, preferences, and priorities to help you find your dream home. Furthermore, the agent must have excellent negotiation and communication skills to help you get the best deal on the house.
  • Home shopping - As much as it is fun to tour around beautiful homes in a neighborhood, it can also be nerve-wracking to find a home within your budget that matches your requirements.

If you need to purchase or sell a home, connect with Tom Daves today. He is the top real estate agent in Auburn with the best team to help you through real estate transactions from start to finish.

Top real estate agent in Auburn