Important information for Buyers and Sellers.

Let's start first with The Buyers: 

What's changed? 
1. Some banks have raised the credit score requirements. The range is 640 - 700 depending on the bank. I most often refer to Gulf Coast if you are looking for a trustworthy lender who is also knowledgeable. 

2. Next, banks now want  you to have a savings account with a minimum balance that could pay at least 2 months of the mortgage. 

The reason for this is banks don't want to give a new mortgage to someone who might immediately go into forbearance. It makes sense considering that most mortgages are currently in forbearance. 

3. State-level grant programs are temporarily suspended. 
Most parishes and counties have funds available for first time buyers, but the state's are holding the home buying grants for now until quarantine passes and the economy gets moving again. 
Who does this impact? 

Mostly people buying multi-family properties (2 or more units). The parish/county level grants can still be used for single-family homes. 

Here's some good news though: 
You are allowed to get a "gift" to assist with downpayment on a multi-family property. If you don't have someone who'll just give the money, consider a business agreement with someone you trust (Get a contract though.) In exchange for their assistance with the downpayment, agree to give them part of your rental income for a set duration of time. 

Once that duration of time has ended, you can keep all of the rental income in perpetuity. I have 3 contacts (at least) who are willing to assist. Let me know if you are interested. 

For Sellers: 
Yes people are still buying properties. 
So if you are interested in selling, go for it! The worst thing that can happen is you don't get an offer. But chances are you will. 

I offer FREE property value estimates. (the real kind, not the pseudo ones on Zillow) So if you're curious about what your property is worth, text me at 337-371-0037. 

For ALL Buyers (1st timers and experienced): Here's a guiding principal to consider: 

Will this purchase lower your cost of living and/or boost your income? 

If you can find a property that will cost the same or less than you currently pay in rent, BUY.  You can lock in these historically low interest rates and INVEST in your future. 
​

On the other hand, if you already own a home,, would a new place lower your current cost of living? 

Some of you have enough equity in your home, that selling and buying something new is a great move. While others may not be in that situation. 

You also have to consider that selling your current place means opening it up to others. As your agent, I advise creating a video tour of the place so potential buyers can clearly see your home during Quarantine without coming into your space. 
​

Equifax is closely monitoring the outbreak of COVID-19 (Coronavirus) and the effect it is having on businesses and individuals. That’s why we are taking measures to support consumers impacted by the Coronavirus while also working with creditors and lenders to help minimize the effects on consumers’ credit standing.

Consumers who are experiencing a financial hardship may be wondering how potentially late or reduced payments on credit accounts might impact their credit standing. We encourage individuals with concerns to contact their lenders and creditors to discuss their options. Additionally, the Consumer Data Industry Association is providing guidance to creditors and lenders on how they can work with those who are affected by the Coronavirus.

So, what can you do to help minimize the impact of Coronavirus on your credit standing?

•Talk to your lenders and creditors and see if any assistance is available.

•Pay what you can. To avoid having late payments show up on your credit reports, try to make at least the minimum payment on accounts on time, or pay any amount you and the lender or creditor agree upon on time.

•Stay up-to-date on your credit reports. As a Core Credit account holder, you can access a new Equifax credit report every 30 days, for free. Simply login to myEquifax to see your latest Equifax credit report. And, as a reminder, you are also entitled to a free copy of your credit report every 12 months from each of the three nationwide credit bureaus by visiting www.annualcreditreport.com.

•Consider adding a consumer statement to your credit reports. You can add a brief 100-word statement (200 words in Maine) to your credit reports to explain your situation. See how to add a statement to your Equifax credit report. An example of a consumer statement is "Be advised that the negative accounts on my credit report are related to the Coronavirus. I intend to make these up as soon as I can."

You can also contact Experian and TransUnion to add a statement on those credit reports. You can find the latest information from Equifax here.

And we encourage you to visit the World Health Organization and Centers for Disease Control and Prevention for the latest information on the Coronavirus.
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