Housing Statistics and Real Estate Market Trends

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And if you’re buying a second home, you’ll need a down payment of at least 10%. If the house you’re buying has more than one unit, you may need to put down 15%. But the tradeoff is you’ll need to pay for private mortgage insurance (see private mortgage insurance below). You usually need a credit score of at least 620 to qualify for a conventional loan. Now let’s get into adjustable-rate, the other type of mortgage you’ll be looking at. Are you anxious about changing loan rates?

Government Loans

Next, understand the types of loans out there. Erin Hybart, a real estate pro in Baton Rouge, La., helps investors flip houses. For example, certification by the National Association of the Remodeling Industry recognizes highly experienced remodeling professionals who are capable of planning and managing complex remodeling projects.

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If you can’t bear to part with something you don’t use regularly — say, Great-Grandma’s heirloom china — rethink your home’s organizational storage. You don’t have to spend anywhere near the cost of commercial products. Even if you’re buying off-brand products to save costs, you’re still wasting money. “Unless you have a really old appliance, it’s probably efficient enough for your needs. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house.

• A score in the mid-700s or higher usually qualifies for the best rates, but buyers with lower credit scores still have options.
• Sometimes the little things can make a bigger difference than you’d think.
• Next, understand the types of loans out there.

• That means the typical family spends 25.7% of their income on housing.
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“Ask anyone living in middle America, whether it’s in Columbus or Nashville, and they are seeing quite high home prices too,” Yun says. “New homes have historically been dramatically more expensive than existing homes, sometimes 20%, 30%, even 40% more,” says Ali Wolf, houselogic.com chief economist at Zonda, a new home construction data firm. “A loan officer can work with the borrower to discuss how their student loan debt could affect their qualification.”