What Credit Score is Needed to Buy a Home in Maryland ?

What Credit Score is Needed to Buy a Home in Maryland ?

First of all,  you might be wondering which credit score mortgage lenders use?

• Equifax?
• Transunion?
• Experian?

I get this question a lot and I'm not sure why?

There’s no sense focusing on something that only lenders have control of it, the fact remain that you need to be credit worthy  to be a borrower.

All lender determine your creditworthiness by pulling your credit score.

But if you must know, the answer is your FICO score and that is an standard being used with most lenders in general. 

Your FICO score is a combination of the 3 listed above...which are the three main credit bureaus. 

If you are looking for the perfect "LOWEST CREDIT SCORE" you must have and get the best pricing from a lender...you will need at least 760 points.

If you have any mistakes or missteps inside your credit report, you must deal with them before buying a home if you want the best rates possible...and  in some cases, this could take several months.

Maybe you will find that  your credit score is not sufficient for you to get a loan. Your income and the ratios play an important role in determining how much credit you can get.

This is a very personal conclusion based on your own  credit score, your income ratios, your debt amounts...and a few other important relevant facts. I caution for you NOT TO DISQUALIFY yourself...but have a professional evaluate your whole application for the best advice possible.

In summary, the only thing you have control over your credit score is to keep up diligently with your bills, don't wait until the last minute to pay them, don't  over burden yourself with so much credit and be responsible and strive fro perfection when it comes to paying your bills...

If you have low credit scores, do not get discouraged, there are ways to raise your credit up with the right help...call us if you need assistance on this 301-246-0001.

What Credit Score is Needed to Buy a Home in Maryland from Herboso and Associates llc

What it takes to get a loan plus information about grants when you are a first time home buyer?  

What Credit Score is Needed to Buy a Home in Maryland ?

4 Reasons Why Buyers Shouldn't Buy a New Home Alone

4 Reasons Why Buyers Shouldn't Buy a New Home Alone

Why do you need a Realtor when buying a new home from a builder?  

 

Questions to ask:

What are the build cost per sq ft?

What is the average selling prices of new homes in Clarksburg Md?

Our knowledge in the new construction market for our local market can be valuable 

 

CLICK HERE TO ENTER OUR NEW WEBPAGE CLARKSBURG MARYLAND NEW HOMES PORTAL

Please Check Our New Construction Listings in Clarksburg Maryland...

 

Brochure - Video - Virtual Tour - Photos Drone - Pictures - Request Information - Map - Schools

Brochure - Video - Virtual Tour - Photos Drone - Pictures - Request Information - Map- Schools

Brochure - Video - Virtual Tour - Photos Pictures - Request Information - Map - Schools

if you are a buyer...give us a call for a free new home consultation

 

301-246-0001

4 Reasons Why Buyers Shouldn't Buy a New Home Alone

Short Sales Expert in Montgomery County Maryland | Short Sales and Your Credit

Short Sales Expert in Montgomery County Maryland 

Question: 

How Does a Short Sale Affect my Credit?

The Credit Impact for a Foreclosure vs Short Sale can be dramatically different. 

For some homeowner that are presently in a hardship, this is a question that is being asked most often.

"What are the ramifications to my credit when I do a short Sale? "

Regardless,  a foreclosure or short sale, your credit  will be affected. .

 and each and every case may have a different result because is dependent on many factors,  

Watch the video below where I discus how a short sale may affect your credit

Check the rest of our video series here. .

                                   

Check Our Complete Video Series About Montgomery County Short Sales

• What is a Short Sale? 
• How To Qualify For a Short Sale? 
• How To Short Sale Your Home
• How Can a Short Sale Specialist Help Me? 
• What is the Process of a Short Sale?

"The strength of our experience and knowledge is invaluable to anyone seeking for a solution"

Facing foreclosure can be overwhelming and scary, but by taking the right steps you may be able to save your credit and wake up from the nightmare you are experiencing today. .

If your are behind on your mortgage payments?. .give us a call!

What you should do first before a short sale? 

Considering a short sale in Maryland? -- 

Before proceeding with this idea, you should know about the steps you must take first. .

 Have you tried a loan modification?
Have you contacted your lender?
What are your lenders policies?
Is the difficult situation you currently in just temporary?
Have you consider renting your house? 
What about a loan workout?
Do you understand what a deed in lieu of a foreclosure is?
There are many steps you must take before you venture in a short sale. The most important one is to be fully aware of all your options at any given moment.


Call on us for a free consultation now!
301-246-0001

More information about short sales and making Home Affordable Program 
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx

Short Sales Expert in Montgomery County Maryland 

Short Sales Specialists in Montgomery County Maryland : What is a Short Sale?

Short Sales Specialists in Montgomery County Maryland

What is a Short Sale?

Over the last several years a lot of homeowners have asked this very same question.. 

What is a Short Sale? 

Some homeowners had to. .

when they were experiencing hardships that were never imagined before

They moved on. .

Some homeowners decided a different approach,

They refuse to sell and agreed to some type of loan modification that just extended  their problem when a principal reduction was not obtained.. 

and now, they to find themselves on the same place 

Overburdened

Stressed 

No relief on sight

asking once again. .

What is a short sale?

... and how can I use it to relieve me of this burden?

The short answer is: 

A short sale in real estate is where your lender looks to cut their losses by agreeing to a reduced payoff of your loan in exchange for not having to foreclose on the property. 

During a short sale situation, the borrower is still the owner of the property. Unlike a foreclosed property where the mortgage company becomes the legal owner of the property

The final successful result for a short sale is to obtain an acceptable approval from the lenders to sell the property as the seller gets assurances for a complete removal from a deficiency judgment 

Watch the video below and learn more facts about 

What exactly is a Short Sale? 

Hello, 

My name is Fernando Herboso. It is my sincere belief that homeowners need to find an advocate to represent them.  

Someone to seek the guidance, counsel, and services to make the right decisions based on facts and not emotions.  

An advocate that is educated, a licensed distressed property expert, a real estate broker that has the experience, the knowledge and the savvy to simply get you OFF the hook! Someone that will act totally in your best interests to help you find the best solution to the financial crisis you are facing now.

Allow my team of Realtors, with one full time assistant, an attorney and several other supporting staff that has developed long lasting relationships with these lenders to help you on your time of need. 
The strength of our experience and knowledge is invaluable to anyone seeking for a solution to avoid a foreclosure.

Short Sales Specialists in Montgomery County Maryland

New Home Construction in Urbana Maryland Buy a new home. .not a nightmare

         

If you're looking for new home construction near Washington DC Metropolitan area, (District Of Columbia), you should consider the new homes that are for sale in Urbana, located in the southern part of Frederick County, situated almost in the county line with Montgomery County

How to ensure you are not buying a lemon house? 

DO the Facebook thing. .is my first advice
Poke
Poke around. .your new house while being constructed.
Let them know you are watching their every move. .I did that for my own new home and it worked!

I can assure you that there’s no such thing as a perfect house — every single newly-constructed homes, will have some issue or another. 

The trick is to make sure your home is free of any major problems before signing on the dotted line. 

A good broker representing you will always advice you to get a home inspection. .

But it does not hurt you investigate their progress and question what you do not understand on your own.

I wrote about the new house that had no insulation and found about it 4 years later!

Another story about a new house delivered with no caulking around the windows that eventually answered the question why was mold growing inside the walls?



Buy a new home. .not a nightmare? 

"County inspectors often do miss important code violations when performing final inspections, they are overworked, underpaid and they maybe having a bad day"

Watch the video below and see different techniques we use to assist our clients get what they want, when they want it and condition most favorable to them. .

Tip #7

A Home Inspection is the "KEY" to HAPPY BUYING & PEACE OF MIND. .

"There is a disturbing trend among some builders that do NOT allow phase inspections.. . We do not let our clients stand for that!"

Fernando Herboso~

See All 7 Tips for "New Homes For Sale in Urbana Maryland" at once here 

We strive for the pursuit of excellence by providing and assisting our clients with the information and resources needed for a smooth transition & purchase of a new home in Urbana Maryland. . 

We arrange all the details for you, including the selling of your existing house to match the moving date to your new home     

One call . . is all it takes!

301-246-0001

New Home Construction in Urbana Maryland Buy a new home. .not a nightmare

         

What a House Sold In My Neighborhood? for Maryland Homeowners

What a House Sold In My Neighborhood?

(For Maryland Homeowners)

Are you wondering "What a house sold for in your neighborhood?" 
As a broker for a real estate company, I hear this question most often. .
People want to know what are the values up to in their respective neighborhoods. 

Understanding that market value is the only relevant value once you are ready to sell. What other houses sold for inside your neighborhood may not truly indicate the real value for your own home

To estimate the market value of your home, outside of using a full appraisal that may cost you around the $500 range is to  use "comparables." 

This is how appraisers do it anyway. You must find someone that is willing to find at least three similar homes nearby that have sold within the last six months and obtain a value opinion from them

The experience of a real estate agent with access to the multiple listing service is paramount here. ..

"critical mistakes because of inexperience - being unfamiliar with the neighborhood could lead you to make the wrong  decisions if you want to sell or refinance your house"

Appraisals in our circles are known to be an inexact science. You may have two similar homes with different values just because of their location, their condition and the market condition at the time when the value is generated.

What a House Sold In my Neighborhood?

My advice is to better find a real estate agent on your own, and ask "How much is my house worth?" 
Find one that has experience and simply ask: if they can do a "market analysis" of your house value. 
Normally this is free, with the agent taking this opportunity and hoping to impress you and get your business in case you decide to sell your house soon after
But often-times we know that most people are just curious and just want to know. . . 

What a House Sold In Their Neighborhood?

Do what I do. .as a broker 

• I want to keep the value of my own home in check. .
• I want to know what houses are selling and what houses are not selling. ..
• I want to know who is moving out and who is moving in
• I want to know if any of my neighbors are selling their homes incognito as a short sale
• I want to know if any of my neighbors have tried to sell and couldn't 
• I want to have an idea of the value of my home to see if I should consider refinancing. .

For that, I do a simple thing. 

I subscribe t an email alert that sends me an automatic  message the minute someone has listed their home, has SOLD their home, has changes the price of their home or has put it under contract.

This system will generate a daily email only if there is something new to report for your neighborhood

I will be glad to do this for you. . 

Even if you do not  want to sell your house. .

This is a free service we provide to Maryland Homeowners so we provide a glimpse in the quality of our services. .

With no obligation. .and no hassle. .of course!

I just ask you for one thing. .just be fair to us. .

Give us a chance to COMPETE for your listing if you ever want to sell your home.

Deal?

Sign up in the form by clicking the picture below and we'll do the rest for you

iHouseWorth.com

Thank you!

What a House Sold In my Neighborhood?

Acceptable Hardships in a Short Sale : Examples for MD, DC and VA

Acceptable Hardships in a Short Sale : Examples for MD, DC and VA 

This video shows some examples of different hardships acceptable to lenders. .

What makes you the perfect candidate for a short sale? 

A short sale is for those who need one, if you are behind on your mortgage payments. .

A short sale is not for those who simply want one.. .because you simply lost some equity on your house.

In most cases, you must not be able to financially afford your home. .this is what is call being in a  financial hardship.  In some cases, your lender will typically ask you to provide financial documentation in order to validate your hardship.

You may have to write a hardship letter

and provide proof of your financial hardship.

Each lender have their own policies, you may want to contact a short sale expert to help you determine what do you need in order to so a short sale.

Call 240-426-5754 FOR  SHORT SALES EXPERT ASSISTANCE! in PG County , Frederick County Maryland and/or surrounding areas

Acceptable Hardships in a Short Sale