April 2021 Newsletter

Dated: April 6 2021

Views: 293

Going,Going, Gone!

Featured Listing!

3203 Quail Hill Drive Chesterfield, VA 23112

• 1,900 square feet • $299,999 •

This cute house went under contract in less than 48 hours! This beautiful colonial sits on a large yard & has a fantastic location!

The new owners will get to enjoy life on the golf course and be close to the Powhite/288, restaurants and shopping! The home has 4 bedrooms, 2.5 baths, & a cozy family room with a gorgeous white brick wood burning fireplace!

Recently Sold

Recently Sold

We're always happy to help our clients find the home of their dreams!

Here are our some of our recently sold listings!

Great work to our committed Clocktower Realty Group agents!

Clocktower By The Numbers

  • Number of homes sold in March: 37
  • Number of homes pended in March: 46
  • Number of homes listed in March: 18
  • Number of Clocktower agents: 65

What Credit Score Do You Need For A Mortgage?

According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borrowers with lower credit scores.

The fact that the average American has seen their credit score go up in recent years is a great sign of financial health. As someone’s score rises, they’re building toward a stronger financial future. As more Americans with strong credit enter the housing market, we see a natural increase in the FICO® score distribution of closed loans, as shown in the graph.

  • Federal Housing Administration (FHA) loans: “With a 3.5% down payment, homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
  • Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
  • Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 640 for a USDA loan, though some may go as low as 580.”
  • Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”

FICO Score Distribution

If your credit score is below 750, it’s easy to see this data and fear that you may not be able to qualify for a mortgage. However, that’s not always the case. While the majority of borrowers right now do have a score above 750, there’s more to qualifying for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home. Here’s what Experian, a global leader in consumer and business credit reporting, says:

There’s no doubt a higher credit score will give you more options and better terms when applying for a mortgage, especially when lending is tight like it is right now. When planning to buy a home, speaking to an expert about steps you can take to improve your credit score is essential so you’re in the best position possible. However, don’t rule yourself out if your score is less than perfect – today’s market is still full of opportunity.

Bottom Line: Don’t let assumptions about whether your credit score is strong enough put a premature end to your homeownership goals. Contact your local Clocktower Realty Group professional today to discuss the options that are best for you. Source: KCMBlog

Things to Do in RVA: PopUp Market at The Diamond

RVA's newest weekly vendor market is at the Diamond from April 10, 2021 until May 29,2021! Check it out every Saturday from 10am - 4pm at 3001 N. Arthur Ashe Blvd. You'll find dozens of artisan, craft, and local business vendors.

PLUS: Beer & Wine and Food Trucks! Support new and different vendors each and every week. The market is kid & leashed-pet friendly! Visit https://rivercityfestivals.com/popup-faqs for more details!

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