Buy Home

Understanding Your Credit Score

/ Stacy Schnell

What Is A Credit Score?

When lenders evaluate a loan application, a process called underwriting, they try to evaluate your ability and willingness to repay the loan. They judge the borrower’s ability to repay by reviewing the income and stability of past earnings. This practice helps the lender to determine if the borrower can afford the loan payments. The review of past credit history is used to judge the willingness of the borrower to repay the loan.

Lenders want their evaluation to be as accurate, objective and consistent as possible. To help achieve this goal, home mortgage lenders use credit scores to assist in the underwriting process. Credit scores are numerical values that rank individuals according to their credit history at a given point in time. A credit score is based on past payment history, the amount of available credit, and other factors. According to Fannie Mae and Freddie Mac, two large investors in mortgage loans, credit scores have proven to be very good predictors of whether a borrower will repay his or her loan.

Credit scores are just one of many factors considered in the underwriting process. The lender will review the many components that make up the financial situation of a borrower. Even when a credit score is low, there are other factors that could overcome the negative credit issues and satisfy other underwriting criteria.

Click HERE to read more. As always, please feel free to call me anytime with your real

estate questions and needs.

Stacy Schnell – Realtor Associate – Cell : 856-364-0772

Getting Pre Approved for a Mortgage

/ Stacy Schnell

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Though you may be willing to spend a certain amount, the real determination of how much house you can afford is driven by how much a lender calculates you can afford. So before you begin to search for the perfect house, it is very important to begin the homebuying process by getting preapproved. Getting preapproved for a home mortgage loan will provide you with a preliminary statement on the size of loan for which you can qualify. Knowing this, you can then focus your home search.

In general, lenders allow your total monthly housing costs to go as high as but not more than 30 percent of your gross monthly income. The second requirement is that not more than 36 percent of your gross monthly income can be tied up in the total monthly house payment and payments on long-term debt.

Visit my Website to read more and for adiitional information about obtaining a mortgage. Please feel free to give a call anytime for assistance with the home buying process!

Stacy Schnell – Realtor Associate – Cell: 856-364-0772

Move Right In

/ Stacy Schnell

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Listed for just $215,000 this move-in condition rancher in quiet neighborhood on dead end street in Minotola which is located in Buena, New Jersey.  Home features 3 bedrooms & 2 bathrooms. Eat-in kitchen with granite countertops, tile backsplash, hardwood flooring and center island. Kitchen opens to a spacious sunroom. Sunroom has tile flooring, exposed beams and ceilng fan. Family room has exposed beams and gas fireplace. Master bedroom has hardwood flooring, ceiling fan, plantation shutters and a full bathroom. Other features include a brick front exterior, front porch, paver driveway, formal living room, large rear deck, fenced yard, shed and in-ground pool. Buena School System. This home is eligible for 100% USDA Guaranteed Financing.

Stacy Schnell – Realtor Sales Associate – Cell : 856-364-0772

www.stacyschnell.com    /  www.thescottsheppardteam.com

Millville New Jersey 4 Beds & 3 Baths

/ Stacy Schnell

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Priced to sell at just $199,900 this spacious two story home on quiet corner lot is located  in Whitemarsh Estates in Milville, New Jesey . Home features 4 bedrooms and 3 baths. Eat-in kitchen with cherry cabinets, granite countertops and stainless steel appliances. Kitchen opens to family room with wood burning fireplace. Separate dining room off kitchen, formal dining room, office, laundry room and full bath on the first floor. Large master bedroom with walk-in closet and two double closets. Master bath has soaker tub, tiled stall shower and double vanity. Middle upstairs bath has tiled shower and double vanity. Full basement, ceiling fans, security system, two car attached garage with automatic door openers, natural gas heat and hot water, central air, public water and sewer. Rear paver patio, six foot vinyl fenced yard. Rieck Avenue Elementary School. Call today for more details or your private tour!

Stacy Schnell – Realtor Sales Associate – Cell : 856-364-0772

www.stacyschnell.com    /  www.thescottsheppardteam.com

FHA Loan Guidelines for 2019

/ Stacy Schnell

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Qualifying for a Federal Housing Administration (FHA) loan can be much easier compared with a conventional one. Borrowers will need a valid Social Security number, and be a lawful resident of legal age to be able to sign an FHA loan. Qualifying for a loan requires a minimum credit score of 500 in addition to a FHA-approved property appraisal and a favorable debt-to-income ratio.

This excerpt from Valuepenguin.com Click HERE to read more.

Visit my website stacyschnell.com for more helpful information on getting prepared to purchase a home or call me anytime, Id be happy to assist!

Stacy Schnell – Realtor Associate Cell: 856-364-0772

Port Norris, New Jersey

/ Stacy Schnell

Home features 3 bedrooms & 2 baths.Well maintained cape cod on corner lot in quiet neighborhood. Large kitchen has oak cabinetry, double sink, ceiling fan and center island. Seperate dining room off kitchen opens to spacious living room with a wood burning fireplace. Full basement with bar could be easily finished. Front covered porch has two hanging porch swings, large rear deck, fenced yard, detached 2 car garage, detached 50 x 30 garage with 200 amp service and half bath. This home qualifies for 100%, no money down, USDA financing. Only one mile from the Bayshore Center at Bivalve home to the AJ Meerwald and the Oyster Cracker Cafe.

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This listing presented by The Scott Sheppard Team. Call today to schedule your private tour. Stacy 856-364-0772

Mobile home for Sale Vineland, NJ

/ Stacy Schnell

 

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Very well kept home in Vineland Hills. Great starter home or looking to downsize? Home has newer windows. New carpet & new vinyl flooring. Newer Thermopride heater, newer central air system. Built on room has lots of outside storage or can be used as a nice porch. Ceiling fans throughout. Sale subject to park approval. Priced to sell, owner says make an offer.

This listing is presented by Stacy Schnell Stacy Schnell & The Scott Sheppard Team. Call Stacy today to schedule your private tour.    Stacy 856-364-0772

Home for Sale Cedarville, New Jersey

/ Stacy Schnell

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Charming & large two story home on quiet street. Home features 3 bedrooms and 2 baths. Kitchen has all new kitchen cabinets and stainless steel appliances. Large front porch, spacious family room and separate dining room. Rear sunroom, detached 2 car garage, walk up attic, full basement. Roof, vinyl siding and well are less than one year old. Home requires a new septic system, palns are already being drawn. Seller to provide approved septic plans at settlement. Sold in strictly “as-is” condition. Priced to sell!

This listing is located in Lawrence Township, NJ. It is presented by Stacy Schnell & The Scott Sheppard Team. For more information or to schedule a private tour please call Stacy @ 856-364-0772.

 

WHat do I need down to buy a home?

/ Stacy Schnell

The down payment. Cue the dramatic, fear-filled suspense music. Yeah, it’s scary. Coming up with enough cash to put down when buying a house is the single biggest roadblock for most hopeful home buyers. But how much do you really need?

What is a down payment?

A down payment is the cash you pay upfront to get a home loan. It is deducted from the total amount of your mortgage and represents the beginning equity — your ownership stake — in a house and property.

This excerpt from Nerdwallet.com CLICK HERE to read more.

Great opportunity in Millville NJ

/ Stacy Schnell

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Historic Wheaton Mansion home and storefront in Millville’s Art District. Great mixed-use property for retail, professional office, bar and more. Kitchen has tiled counter and backsplash and stainless steel appliances. Hardwood flooring and crown molding throughout home. Separate commecial store front accessible from inside home with kitchen area and storage. Great place to live and operate a store front. Sale includes two separate off street parking lots in rear, public water and sewer, natural gas heat, central air. UEZ Financing Available.

Call today and ask about property # 80. Stacy 856-364-0772