March 2013

There are 2 blog entries for March 2013.

Applying for a home for loan

There are many factors that lenders consider in determining how much, and what type of loan you may qualify for. Before taking a look at the types loans, it’s good to understand a few key principles that lenders look at.

Credit Score

Credit scores depend on which company is providing the scores (FICO up to 850, VantageScore up to 990). First knowing where your score comes from is important because banks are usually going to use the FICO score as the determining factor for the loan amount and interest rate. Generally, a great FICO score is considered 720-850, 680-719 is good, 620-679 fair, and anything below is 619 is considered poor credit.

Debt-to-Income Ratio

The debt-to-income ratio looks at your required

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While 2012 was a great year in the Boise real estate market, 2013 looks even more promising as home values continue their upward trend. From February '12 to February '13, the median price of single-family homes rose from $140,500 to $160,000, an an increase of 12.1%.  Compared to the same time 2 years ago (February '11), the median price was $137,700.

One of the primary drivers for increasing prices is the greater demand and less supply than in years past. Homes for sale in Boise aren't on the market as long as they used to be with an average of 19 days fewer than February '12 & 23 days fewer than Feb '11. The South Boise real estate market was one of the lowest with an average days on market of 46 in February '13.  Homes that are priced right sell

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