Listing Courtesy of JACK LINGO REHOBOTH
They really ought to teach this stuff in school: real-life, day-to-day economics. Dewey Beach youngsters out on their own for the first time are usually left to trial and error when it comes to mastering things like how to lay out a personal budget or use credit advantageously. Or even how to go about selecting a bank, or opening a checking account…
So when it comes to buying their first Dewey Beach home, it’s very common for newcomers to put off confronting the whole daunting issue. When you’re still new to your career, tackling a purchase involving years’ worth of income channeled through a maze of unfamiliar procedures is easy to put off. But when the delay stretches well past the point in their financial lives when it would be clearly advantageous to own rather than to continue renting, it’s the same thing as throwing hard-earned cash overboard.
They really ought to teach this stuff in school! That having been said, here is a broad-brush, very basic rundown of the lay of the land aimed at first time Dewey Beach home buyers:
Since the asking price for even the most modest Dewey Beach home is a number with multiple zeros on the end, you might assume that common sense indicates it’s out of reach. All the more so if early mistakes handling credit cards or student loan troubles have damaged your credit score. The good news is that potential home buyers with less than outstanding credit can still buy that first home—given some careful financial planning and research on your part.
· The most important factor banks use to determine your mortgage eligibility is your FICO (Fair Isaac Corporation) credit score. The numbers range from 300 to 850, are based on a number of factors including how much debt you have and your payment history. In general, borrowers will need a credit score of at least 650 to qualify for a conventional home mortgage loan.
· BUT, it’s not the only factor. Although your credit score tops the list of elements that determine your eligibility for a mortgage, banks will also consider the amount of money you can commit to a down payment. Saving up may delay your first home purchase, and definitely takes discipline…but today, the amount you need is changing. Different lending institutions have different rules for determining eligibility, and some offer-
· Non-conventional loans. Today, first-time home buyers with relatively low credit scores can often secure such loans. You should research Dewey Beach banks to find those currently offering non-conventional loans to borrowers with qualifying credit histories. You should also consider a Federal Housing Authority (FHA) loan, which eases credit requirements. For example, you might qualify for an FHA loan with a credit score as low as 580 with a down payment of just 3.5%!
· You can also use money from an IRA for your down payment. In other circumstances, withdrawing money from your IRA before age 59 ½ means paying a 10% penalty, but that rule doesn’t apply when you use your IRA to purchase a first home!
Bottom line: a low credit score doesn’t necessarily mean you can’t buy your first Dewey Beach home. I’m here not only to help you find a home, but to help clarify the options that make possible that dream of owning your first home. Call me anytime! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com.
Remember the good old days, when most people could depend on staying in the same job in the same community for an entire career? Okay; the truth is, I don’t actually remember any time like that—but I do remember watching TV shows about it... The truth is, as with so many other facets of 21st Century life, sudden career upheavals that cause a Dewey Beach citizen to undertake an abrupt relocation are fairly common today. And accelerated timing requirements can make the situation more intense.
Even without that added obstacle, familiarity with the ins and outs of practical relocation is one of the most valuable assets you gain access to when selecting an experienced Dewey Beach Realtor®. Especially when a relocation is in your immediate future (even if it’s a future that became apparent without a lot of warning), the reality of having to deal with the mass of details accompanying both moving out and moving in can seem like a huge gray, angry-looking cloud hanging overhead.
Just getting a handle on the details can go far to remove the mystery and dispel anxiety. A short list of the elements that need to be determined and coordinated are:
a. Professional and school requirements
b. Transaction imperatives in both communities
c. Moving and storage details
d. Utility requirements
Once a timeline is determined and a To Do checklist assembled, it will be possible to stay on top of the process. Most importantly, it will help highlight those details that seem to be falling behind— allowing them to get extra attention. Staying abreast of relocation details is the single most important keys that will lead to a smooth outcome. It’s one of Murphy’s Laws that, come moving day, any detail that has been put off until the last minute is likely to cause foul-ups of one kind or another. For instance, if the electric service wasn’t notified far enough in advance, count on the move taking place on the hottest day of the year. Unpacking cartons and moving furniture around without working air conditioners is a memory best avoided!
Any relocation is a challenge that requires a welter of decisions in areas that fall outside what people encounter in everyday living. Fortunately, it’s a challenge that your Dewey Beach real estate professional encounters regularly. Help with practical relocation to (or from) Dewey Beach is just one of the areas of practical expertise that is yours to tap into when you put an experienced Realtor on your team.
The days when most Americans expected to stay in the same community for a lifetime may be fading from memory, but being able to rely on your Dewey Beach real estate professional to help master some of the most challenging upshots is still here. They may say that nostalgia isn’t what it used to be, but that shouldn’t stop you from giving me a call, anytime! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.