The infographic below highlights the credit score requirements are decreasing while interest rates are slowly creeping back up.
The average FICO score for all closed loans in August reached a new yearly low at 724 (the lowest since February 2014!) and the average 30-year rate for all loans closed in August eclipsed 4.3% for the first time since October 2014.
Even better news: The average down payment of FHA loans closed was just 4%!
Only you and your family will know for certain if now is the right time to moved forward with buying a home. Answering a few of these questions can assist in making that decision. FHA and VA loans offer buyers affordable down payment options to help qualified buyers avoid the higher rates conventional loans often require.
If you want to learn more about what homes in the Hilton Head and Bluffton SC area you may qualify for, give Jo Anne or Tony Rizza a call at 843-301-5825.
Great Hilton Head and Bluffton properties are available & waiting for you!