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Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was in last place with a 0.02 percent increase.

 

Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House?

What Credit Score Do You Need To Buy A House? | MyKCM

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

  • 16% Very Poor (300-579)
  • 18% Fair (580-669)
  • 21% Good (670-739)
  • 25% Very Good (740-799)
  • 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!

It is true that the average FICO® score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae:What Credit Score Do You Need To Buy A House? | MyKCMAs you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!

One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.

FICO® reported,

Since October 2009, the average year-over-year FICO® Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.”

Here is the increase in the average US FICO® Score over the same period of time as the graph earlier.

What Credit Score Do You Need To Buy A House? | MyKCM

Bottom Line

At least 84% of Americans have a score that will allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, let’s get together to help you set a path to reach your dream!

Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

What’s Going On with Bidding Wars?

http://bit.ly/2TwjTTX
Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

Home Prices Coming In for a Soft Landing

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Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

Interest Rates Twelve Month Low

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Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

Owning a home is a great way to build family wealth

http://bit.ly/2SXqPta
Utah Home Prices Top Three In the Country

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was...

what credit score do you need to buy a house in utah

what credit score do you need to buy a house in utah

What Credit Score Do You Need To Buy A House? There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are...

Housing Crash in Utah

Housing Crash in Utah

3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...

first time buyer?

Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074    

How To List Your Home for the Best Price

How To List Your Home for the Best Price

How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...

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