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home financing

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Financing & Insuring

Deciding on a Conventional vs. FHA Home Loan

May 21, 2018

Federal Housing Administration (FHA) and conventional (or conforming) home loans have long been the most common mortgage options on the market. But which one is right for you? First, it’s important to clear up a major misconception that an FHA home loan is only for first-time homebuyers. While that’s a myth, it is true is that FHA loans have historically been more attractive to first-time homebuyers due to lower down payment requirements and interest rates. But as you’ll see, the differences between FHA and conventional…

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Buying a Home

Getting Ahead of the Bidding War Game

April 30, 2018

Picture this. A home goes up for sale in a sought-after neighborhood. Maybe it’s located in a well-rated school district or offers an ideal commute to work. You see that the home is in your range and try to beat the competition with a fast offer above asking price (this isn’t the first home you’ve bid on). But an investor has already offered more—and they’re willing to pay all cash. The seller, understandably, takes the higher and more expedient offer, and your house hunt continues.…

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Financing & Insuring

5 Ways to Help Maintain (or Improve) Your Credit Score

March 3, 2018

Keeping a spotless credit history can be tough, but if you’re hoping to buy a home, maintaining or improving your credit score is well worth the effort. Factors like your FICO® score help lenders determine your creditworthiness, which in turn affects what mortgage rates, loan amounts and terms they can offer you. Luckily, there are some simple things you can do for your credit health. 1. Check your credit regularly and report any errors. Before you can improve your credit, you’ll need to know where you…

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Buying a Home

Pre-House Hunting Checklist

January 16, 2018
Pre-House Hunting Checklist

You’re excited to start your  house hunt, and we don’t blame you! But before you hop into your car and head to the nearest new home community, it’s a good idea to lay the groundwork for a successful search.     Contact one of our New Home Specialists at 888.500.7060 or visit RichmondAmerican.com to get started today!      

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Financing & Insuring

What Credit Score Do I Need for a Mortgage?

December 8, 2017
Get an idea of what credit score you'll need for a mortgage.

Wondering what credit score you need to qualify for a mortgage? You’d be wise to ask. Your credit score (also known as a FICO® score) is one of the most important elements of qualifying for a home loan—and helps lenders determine your interest rate in the event you do qualify. While there isn’t a strict credit score standard that applies to all lenders—who have varying  requirements for loan origination—there are baseline standards if you’re applying for an FHA loan backed by the US government. To…

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