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Has the Number of Mortgage Loans Approvals Increased?

Have you heard of the mortgage policy changes that occurred in mid-2016 that is instrumental in the increase of loan applicants being approved? Policy changes have increased the number of loan applicants that have been approved for mortgage loans. These changes include a drop in the required credit scores and increases in both the accepted debt-to-income ratio and the availability of low down-payment loans. These changes may affect mortgage rates in Syracuse NY. Let’s look at how these changes increase your chances of receiving a mortgage loan approval.

Low Down-Payment Mortgage Loans

Once nonexistent or hard to find, mortgage loans with low down payments ranging from 0 to 3.5 percent are now available. The standard minimum down payment of $17% to 20% is no longer the only type of mortgage loan offered.

Some low-down payment loans require the mortgage insurance payments that are currently paid on FHA loans. These premiums protect the lender if the borrower defaults on the loan. Loans that do not require mortgage insurance may usually charge high interest rates.

Down-Payment Assistance Programs(DPA)

The DPA program issues grants which help buyers pay their down payment on the house or their closing costs. This significantly reduces your closing costs by 5% of the loan amount. This grant does not need to be repaid. DPA has grant levels that associate with affordable interest rates. Mortgage loan options that are available includes: FHA, VA, USDA, and Conventional. First-time buyers are also eligible to participate.

Lower credit scores now accepted

Many buyers who once did not qualify for a mortgage loan because of low credit score may now qualify. Qualifying credit scores have declined from the 720 or higher rule. According to Credit Sesame, potential buyers with credit scores of 600 or more may now qualify for a mortgage loan.

Loan applicants with good and fair credit scores are now considered good candidates. Loan applicants with a 613-credit score will not get approved for a mortgage loan. A 649-credit score will qualify the loan applicant for an FHA loan. A 682-credit score will qualify the applicant for a conventional mortgage loan.

Credit score ranges and their association with the rating of the score:
• Excellent – 720 or more
• Good – 640 to 719
• Fair – 550 to 639
• Poor – 500-549
• Very Poor – 499 or lower

Applicants with higher debt-to-income ratio percentages are now approved

The debt-to-income ratio is the percentage of the amount of monthly expenses to your monthly income. According to the LA Times, borrows who have a debt-to-income debt of 45% and less, must have a credit score no less than 680 and their earnings must be less than the U.S median income to qualify for a mortgage loan. According to the Washington Post, if the borrower has a loan application that shows a strong ability to repay the loan, an applicant with debt-to-income ratios of 55% may now qualify for a loan.

More loan applicants are now being approved for mortgage loans because the required high credit score requirements met a couple of years ago are now decreased. Down Payment Assistance programs qualify buyers who need help making the down payment or the closing costs. More applicants are being approval because more loans with low down payments are available. An applicant who has a debt-to-income ratio of 55% can be approved if their applications show strong and serious repayment strength. Due to easing of mortgage approval requirements more buyers are now eligible to qualify for mortgage loans.

Choose Better Water Damage Restoration

Ok, flooding in a home can be a stressful occurrence. When water touches many of a home’s valuables, it can be a headache to bear. Water damage within a home can be quite costly and nearly impossible to service, but not impossible. A quality water damage company in Chesapeake, Va can get the job done and many can get it done for a reasonable price that is worth praise. A home’s carpet, its upholstery items and paddings go through a tough transition when large amounts of water soaks into them. This water can come from sewage backups, a ruptured water line, or from rain entering the home due to roofing damages, etc. When these matters are factual, certified technicians who specializes in this matter is necessary. In addition, these technicians must not only qualify for quality within the services provided but must be able to take on such problems whenever the problem is to happen – meaning 24/7 on-call – because you never know when a technician of such sought is needed.

On Call
We never can be sure when a water damaging occurrence is to happen. It can happen while we’re cutting grass, while we’re serving guests, while we’re having breakfast , while we’re asleep or even when we’re not home. Having a company on call that can take care of water damage related matters is critical, as we might just be going on an emergency vacation in the next couple of days and the matter must be cleaned up asap.

The Process
What a quality water restoration company would be compelled to do is, enter the home with the proper water extraction equipment to rid of all water that soaks into carpets, upholsteries and padding. In many cases, there are places where water would hide, that us humans may fail to notice, but these places stands no chance for a quality water damage restoration company’s high-tech equipment that can seek and find such water. Carpet would be removed where necessary to fully complete the drying process. Dehumidifiers will be used, as well, to return humidity back to its proper levels.

Getting the Toughest Jobs Done
There are so many Water Damage Chesapeake Va horror stories and so many cases of restoration amazement. The moment when a home owner sees the scene of a terrible water damage occurrence, many immediately think that life is over. But, it isn’t. A quality water damage restoration company can work some amazing magic to gain the homeowner’s area of damage back to or even better than where it was before. Sometimes the past experiences with a company of the sought gives doubts, but there are many to choose from with better privileges than others. Never count yourself out.

Finishing the Job
Once the job of drying out your carpet, upholstery and padding is done, everything should be put back exactly where it is supposed to be. There is no exception as to why your furniture isn’t back where it first stood. Many companies fail to complete this part of the process, simply because they slack the job. Never let them get away with this. It is not your responsibility to take on the burden of lifting or moving your own furniture as you pay them to do it.

Choose the best water damage restoration company in the Chesapeake, Va area.

How Difficult Is It to Install a Central Cooling System in a Home?

Installing a new central cooling system is not for the faint of heart and, as I quickly discovered, the process goes well beyond the scope of your basic DIY task. It became abundantly clear early in my online research that I would have to hire professionals for the job. After researching individual HVAC contractors and electricians Irving TX where I live, I decided the best solution would be to go with one contractor that could handle the complete job rather than seek out individual contractors for each step of the process.

My wife and I had been cooling our home with an in-window unit in the bedroom and a stand-alone portable unit that we would shuffle from room to room as needed. We had intended to install a centralized solution soon after buying our home two years ago, but sometimes life has other priorities. Also, we had a sort of “band-aid” solution that was making extreme outdoor heat tolerable, so we kept kicking the central cooling can down the road.

My first step was to research doing the project myself. As I mentioned, this job soon proved to be beyond my skillset. The scope of my experience with electrical work to this point had been: changing a faulty outlet in my kitchen and the elephant lamp I made in shop class when I was in high school. As it turns out, the job description for the required qualifications is much more complex than the scant few I had amassed thus far in my life.

Usually I am a big fan of learning via YouTube and then just trying stuff. However, after about ten minutes in Google and realizing I would get way in over my head if I attempted this job myself, I started looking into hiring contractors to do the work. The best guide I found was on the ftc website where I learned some things I hadn’t considered. Most often in a situation like this we put the most thought and effort into determining cost. That is understandable to some degree, but with a complex project involving HVAC and electrical work we should also consider other aspects of the process.

For example, what are the relevant questions we should ask? The answers to these questions will help you assess things such as a contractor’s experience, work ethic, relevant insurance, licensing, and bonds, among other things. Another thing we should consider when hiring a contractor is payment options. Number one is never pay cash for any job, large or small. Perhaps for a larger contract such as central cooling this would not be a factor, but it does start us thinking about the core principals of how and when to pay. The important thing is to create a record of each expectation, step, and resolution as this makes everything clear and protects all parties involved.

In conclusion, installing central cooling in your own home is a complex project best left to professionals. Doing your homework is essential to not just getting the best price, but also to ensure you get a job done right, on time, and by qualified professionals.…