If you need assistance, please call 352-895-0072

Loan | Magnolia Homestead Realty Blog

Monday, December 16, 2019   /   by Ashley Yates

Yes, You Can Get a Mortgage With a Low Credit Score

By: Kelley Walters




The credit score to buy a house can be as low as 580.
A low credit score doesn't have to lock you out of home ownership. A mortgage will probably cost you more (both in dollars and angst) than someone with stellar credit, but many lenders are willing to work with you. 
Here's what you need to know about low-credit score mortgages:
What Counts as "Low Credit" Anyway?
First, let's debunk the home-buying myth that you have to have a gold-plated credit score to buy a house. Lenders review your whole financial picture. If you have a steady income, a regular payment history, and some cash in hand, that will help balance your less-than-perfect credit.
Here's how FICO generally categorizes credit scores:


800+ = Excellent credit score




740-799 = Very good credit score




670-739 = Good credit score




580-669 = Fair credit score




Below 580 = Poor credit score ...

Read More


  first time home buyers, home buying, loan, mortgage

Wednesday, November 6, 2019   /   by Ashley Yates

6 Ways to Lose at Negotiating a House Price

By: Leanne Potts
Published: July 12, 2018


Real estate negotiation tips so you can buy your dream home — and not overpay.
You've looked at enough houses to fill an entire season of House Hunters and finally picked one to buy. Now you're ready to make an offer.
Your agent can help guide you through this nail-biting phase of negotiating a house price, but ultimately, you call the shots. Here's how to negotiate like a boss.
Fail #1: Thinking House Price is All That Matters


That house with a price point $15k below your budget? It may seem like a deal — until you add on the costs of maintenance and replacing the aging appliances.
Planning on repainting, remodeling, or landscaping, too? Suddenly the price looks a whole lot higher.
When developing your offer, calculate in the costs that will go above and beyond a mortgage payment. Then you can negotiate with an eye on the total cost of owning the house, not just the sticker price. ...

Read More


  first time home buyers, home buying, loan, mortgage

Wednesday, October 16, 2019   /   by Ashley Yates

First-Time Home-Buyer Programs You Should Know About

By: Kelly Walters


They can slash your down payment, offer lower interest rates or help with low credit scores.





You know first-time home-buyer programs are out there.
But how do you find the right one?
Start by talking to a local mortgage broker. They’ll be familiar with the programs that are most likely to benefit you -- including local home-buyers programs that might not be as well publicized.
These programs have provided an average of $11,000 in assistance to individual home buyers, according to Down Payment Resource, a nationwide database of roughly 2,500 home ownership programs that helps match buyers and properties. That assistance can vary greatly between disparate cost-of-living markets like Southern California and Iowa, according to Down Payment Resource. Some 87% of properties are eligible for some kind of assistance.
Of the programs tracked by Down Payment Resource, for example, 69% offer down payment assistance.
“Paying 20% down is, quit ...

Read More


  first time home buyers, home buying, loan, mortgage, ocala, preapproval

Wednesday, October 9, 2019   /   by Ashley Yates

How Long Does It Take to Buy a House?

By: Amy Howell Hirt

There are a lot of steps to buying a house, and that takes time: It takes 50 days on average to just close on a home.

How long does it take to buy a house? A lot depends on how much time you spend shopping for one. But once you have a contract, it takes an average of 50 days to close on a house.
There are a lot of steps to buying a house, and any of them could drag out the timeline, especially if you're not prepared. Here's the home-buying timeline, broken down step-by-step, so you can be in control:
1. Do Your Homework
Time: 1-14 days
Dreaming about owning your own home is one thing; making it happen is another. To get beyond the dream stage, you need to do some critical research to help you figure out what you do and don't want — along with how much can you afford. 
It's mighty disappointing to fall in love with a house only to find out you can't afford it. A quick chat with your bank can help ...

Read More


  first time home buyers, home buying, loan, mortgage, ocala, preapproval, home inspection

Wednesday, September 18, 2019   /   by Ashley Yates

Your Stress-Free Guide to Shopping for Home Loans

By: HouseLogic




With this super-simple breakdown of loan types, you won’t get overwhelmed — you’ll find the right mortgage.





When it comes to buying a house, most people know what they prefer: a bungalow or a condo, a hot neighborhood or a sleepy street.


Mortgages, too, come in many styles — and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.


First things first: To pick the best loan for your situation, you need to know what your situation is, exactly. Will you be staying in this home for years? Decades? Are you feeling financially comfortable? Are you anxious about changing loan rates? Consider these questions and your answers before you start talking to lenders. 


Next: You’ll want to have an understanding of the different loans that are out there. There are lots of options, and it can get a little co ...

Read More


  first time home buyers, home buying, loan, mortgage

Magnolia Homestead Realty
Ashley Yates
2137 E Fort King St
Ocala, FL 34471
352-895-0072

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate. Copyright 2020
© 2020 My Florida Regional MLS DBA Stellar MLS, Inc.. All rights reserved. The data relating to real estate displayed on this website comes in part from the Internet Data Exchange (IDX) Program of My Florida Regional MLS DBA Stellar MLS, Inc. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers' personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.2/22/2020 1:55 AM CST