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Canton Real Estate Notes: What Credit Scores Are Needed for a Home Loan?

August 1, 2016 Opinion, Real Estate No Comments
David Sinish

David Sinish

By David Sinish 

Do you know what credit scores are needed to get a home loan?  You may not be alone.

A recent survey done by Ellie Mae found that there is some confusion as to what is necessary to qualify for a home mortgage.   Ellie Mae is a software company that processes more than a quarter of American homes.  In their new Origination Insight Report, they show the required FICO scores:

All Loans                721

Conventional         754

FHA                         687

VA                            706

Perhaps you might want to check with a lender to see if you qualify.

What is For Sale in Canton, as of August 1, 2016?

As of 8/1/2016 there were 69 Single Family Homes listed FOR SALE in Canton property increase from July 1, 2016. There is an additional, 10 homes or lots that are in the process of being built, (but listed as “Active in the Multiple Listing Service).   

PRICE RANGE                        NUMBER

<$200,000                              6

$200,000s                              19

$300,000s                              16

$400,000s                                9

$500,000s                            7

$600,000s                            5

>$600,000                             7

 

Our neighboring towns of Avon, Burlington, Canton, Farmington, Granby, New Hartford and Simsbury have seen a 4% reduction in the number of homes for sale from last month.

The number of pending (under deposit but not yet closed) in Canton has seen no change from last month, while the total in neighboring towns has reduced by 14%.

These statistics are based on information provided to and compiled by the Connecticut Multiple Listings Service, Inc. as of August 1, 2016.

David Sinish is a Realtor® with the Realty Works Group of William Raveis Real Estate located at 200 West Main Street in Avon.  He is very willing to provide assistance with your questions about your buying or selling activities.  Questions are welcome.

Please email dsinish@comcast.net  call 860-922-6170 or go to   DavidSinish@Raveis.com

 

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