Many people are interested in Hillcrest Estates in Altoona because of the great value our homes provide in the wonderful community. After all, it’s hard to beat the value of our homes. Our 3-bedroom homes cost 65k to 75k. Median home prices in Eau Claire are now 213k and Altoona is at 240k!
Sometimes buyers lose out to other buyers because they are not quite ready. It’s heart-breaking when we see this. Delays can be discouraging and costly. Here are some pointers on getting ready to buy the home, so when you find a home, you can smoothly move into your new home.
The best advice we can give you is to start early. Come check out the homes and talk to us regarding financing a few months before your ideal closing date. Home buying takes time. It involves getting approved for the community, selecting a home, getting financing, etc. Financing, especially, can take time as lenders require time to process your application and documents. You may also need time to explore options like tapping into retirement funds, having your family members cosign for you.
Get Your Credit In Order
We often meet buyers who make decent income and have down payment. However, lenders still reject their application due to poor credit score. If you have accounts that are delinquent or in collections, it will hurt your chance of getting a loan. Typically, you will need a FICO of around 600. Higher the score, the better chance and better rate you have.
You can run a free credit report from places like CreditKarma. If you have a delinquent account, you can call the creditor and set up a payment arrangement or pay them off. It usually takes 1 to 2 months for your score to improve.
Get Your Down Payment Ready
Biggest hurdle for getting financing is down payment. We often talk to home shoppers who like our homes, but they realize they don’t have the down payment. Depending on your income and credit score, lenders require different amounts. Here is a general range if you have enough income. Exact loan terms of course will depend on your situation.
Under 600: You will need 20% down
Above 600: 5% to 15%, Usually 10%
Check Out Our Homes and Talk to Us
If you have any interest in buying a home in Altoona, come check out our home and give us a call. Checking out the home will give you an idea of what you want. When you talk to us, we can come up with a plan for you to buy a home. Like mentioned earlier, it helps to start the process early. Schedule a showing today!