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As we all become more acquainted with the idea of social distancing, most of us are spending the majority of our time indoors at home. Working from home, taking over schooling for kids and spending what might have been your previous socializing time inside is a big adjustment. So, here are a few ways to make the most of it.
Jump into your spring cleaning
There’s no time like the present to go full-force into your spring cleaning regimen. With lots of extra time on our hands, why not clean out the kitchen pantry, wipe down the interior of the refrigerator and freezer, go through our closets and deep clean all the spaces from floor to ceiling? The result will be a cleaner and more peaceful space to spend time in.
Designated no-screen time
We already spend a lot of time staring at screens: computer screens, phone screens, television screens – it’s not a new feature of everyday life. However, we tend to do it without thinking while relaxing at home, so it’s important to designate sometime everyday where we step away from the screen. Maybe you replace it with reading time, yoga, meditation, puzzles, games, arts-and-crafts. Whatever it is, scheduling one or two blocks per day will help keep you clear-headed and energized.
Stay in touch
Since we likely won’t be spending time face-to-face with loved ones we don’t live with, it’s important to make sure we’re reaching out so that we can all still feel connected. If you’re one of the many who typically keep in contact via text, now is the perfect time to challenge yourself to break the habit! Let’s bring back phone conversations. Not to mention, video chat is a great way to spend time virtually with friends and family.
Experiment in the kitchen
Now is a great time to try something new in the kitchen. Take a look at what you have available and then do some research to find a fun new recipe. You could even get the kids involved. You’re probably finding more time on your hands, so a new recipe adventure is ideal for when you don’t feel rushed!
Keep moving
It’s so easy to find ways to exercise without going to the gym. Indoors you can head to YouTube for a quick workout or yoga routine applicable for all experience levels. Or, go out for a walk, jog or bike ride. It’s still important to make sure we get outside for a bit each day. Just be sure to follow the guidelines so that we stay healthy ourselves and keep our communities safe.
Recognized as Bon Appétit “Restaurant City of the Year” in 2019, Dallas isn’t about to let social distancing or stay-at-home regulations eat into the Metroplex’s love of a good meal.
Along with the rise of delivery services, from GrubHub to Uber Eats to Door Dash, among others, DFW sparkles with tasty choices even in difficult times. Lennar’s new communities are minutes away from top grocery stores and small markets, but now meals have wheels.
Take Hills of Crown Ridge, for instance, one of several brand-new Lennar communities here. Restaurants offering curbside pickup or delivery, either themselves or through an established service, envelop the Lennar community with new homes for sale in Frisco, TX,
In and around Frisco, seafood, Italian, Mexican, burgers, pizzas comprise a full buffet available at your fingertips, and if your new Everything’s Included® Lennar home features The World’s First Wi-Fi CERTIFIED™ Home Designs, simply ask Alexa to make your order.
Likewise, Sutton Fields Classic, with new homes for sale in coveted Celina, TX, boasts outstanding proximity to excellent eateries. These days, nearby establishments, from Texas’s renowned BBQ to farm-to-market restaurants, are offering curbside pick-up.
From Prairie Creek, with new homes for sale in Dallas, TX, to Fireside Park, showcasing the sought-after Brookstone Collection of new homes for sale in Denton, TX, the Metroplex’s robust network of top-shelf grocery-store chains are at your service, now more than ever.
A local TV station surveyed 10
area chains with pick-up-and-go options. The link here also includes guidelines for each of the grocers, which
include Tom Thumb, Central Market and Sprouts, as well as marquee retailers
such as Trader Joe’s and Whole Foods, among others.
Of course, Lennar prides itself on community, supporting local businesses. Call
ahead and ask if the store or restaurant delivers or if you may pick up your
order. That way, you’re supporting the local
establishment without paying fees to—or for—third-party services.
To learn more thriving—and dining—through these challenging times and how Lennar can help serve up your own dream home, contact Lennar’s Dallas-Fort Worth Internet New Home team at (866) 314-4477.
This article is based on research by the author, who is not a financial, tax, or legal professional. This article does not reflect the views of Lennar Corporation or its affiliates. It is not intended to provide any financial or legal advice, and you should consult your own financial or legal advisor, loan professional or credit expert for more information about credit scores and loans generally or your credit score specifically.
Do I need a perfect credit score to buy a home?
It depends on what you mean by “perfect.” The highest score possible is 850, but that number is almost impossible to achieve. Impossible becomes unnecessary. A lender is not going to require a score of 850 for every loan qualification.
Scratch the word perfect. The concept of perfect is itself a myth. Ask instead: do I need a high credit score to buy a home? The answer is no. Then, why does a lender care about this number? Your credit score says a lot about your dependability as a borrower, and it can influence features of your loan, including your down payment and interest rate. An explanation of these items follows in the next section. However, a low credit score does not necessarily mean you cannot qualify for a loan, and we will look at those loan types that support this.
What are the benefits of a high credit score?
By definition, your credit score is a three-digit number, ranging from 300 to 850, that appraises your creditworthiness. It tells a lender if you are reliable to repay a loan, based on your credit history. Your credit history includes your payment history, credit use, credit age, (recent) credit inquiries, and derogatory marks. It also shows the number (and types) of open (and closed) credit accounts you own. Credit accounts can be credit cards, student loans, auto loans, home loans, or other loans.
Credit scores are risk indicators. To a lender, a higher score means a lower risk. A lower risk of what? Of you (the borrower) defaulting on the loan. To default means you fail to pay the monthly mortgage payment and fall behind. A lower score translates to a higher risk. The lender might still approve the loan, even if your score is as low as 500, but there are likely conditions to offset the risk. The first is that you make a bigger down payment. A larger down payment means you borrow less money. It lowers the loan-to-value ratio (i.e., the ratio of a loan to the value of a home) and shows how sincere you are about this investment. The second condition is a higher interest rate. The lower your credit score, the more interest you will pay over the life of the loan.
Based on those conditions, a low credit score could cost you more money. This then raises new issues. Can you afford these expenses? Maybe not: not if you have a low income, or worse, you already have outstanding debt. If you can afford it, will this change how much home you can afford? Will you have to settle for a smaller place to live? Before you panic, know that there are solutions to a low credit score.
In the next section, we briefly review the credit score requirements for the most common loan types. Not all lenders are the same, and credit score requirements can vary by location. You should consult a loan professional for additional guidance into those loan options that best suit your credit score situation.
What are my loan options for a low credit score?
The best way to explain this is to start with a high credit score and discuss your changing loan options as that score decreases. Keep in mind: there are other factors, including your income, debt, assets, down payment, and employment history, a lender must consider before loan approval. Even if you have a credit score of 800, you may not qualify for a loan if there are discrepancies with the aforementioned factors.
Jumbo loans require a credit score of 700 or higher. These loans finance the purchase of luxury homes and estates exceeding the loan limits set by the Federal Housing Finance Agency. In 2020, that amount is over $510,400.
USDA loans, backed by the U.S. Department of Agriculture, require a minimum credit score of 640. This loan option might be your best if you wish to live in rural or suburban surroundings.
Conventional loans, also known as conforming loans because they conform with the underwriting requirements and loan limits set by Fannie Mae and Freddie Mac, allow a credit score range of 620 to 680. A score of 680 is necessary if you hope to make a down payment less than 20%. If this occurs, a lender will require you to pay additional monthly fees for private mortgage insurance (PMI) until you accrue 20% equity (i.e., a term for unencumbered ownership) in your property.
VA loans, guaranteed by the Department of Veterans Affairs, often accept military applicants with a credit score between 580 and 620. The credit score benchmark for this loan type is set by the lender. Additional terms of applicability will vary between a serviceperson, a veteran, or a military spouse.
FHA loans, insured by the Federal Housing Administration, accept low credit scores in the range of 500 to 580. With a score of 580, you can make a down payment as low as 3.5%. The minimum score of 500 is accepted with the required 10% down payment.
Each of these loan types has special preconditions and additional requirements for approval. You can learn more here, but again it is encouraged that anyone seeking a loan discuss their options with a loan professional.
How do I fix a bad credit score?
It can take six months to a year to see a positive change in your credit score. If time is not an issue, and you want to improve your score before applying for a loan, great! All the more benefit to you: you might use that time to save money for a bigger down payment – just a thought.
First and foremost: how do I check my credit score? Without going into too much detail, there are three credit bureaus – Experian®, TransUnion®, and Equifax® – that maintain records of your credit history. You can request a free copy of your credit report once a year at AnnualCreditReport.com. When you have your report, check the bureaus have the correct information. If you see errors, you can file a dispute with the respective credit bureau, launching an investigation to get the matter resolved. Checking your report can also reveal proof of identity theft or credit card fraud.
Next: understand the components of your credit score. There are two credit-scoring models, VantageScore® and FICO®. We will go over the FICO model, as it is the preferred model for mortgage lenders1. The model created by Fair Isaac Corporation (FICO) groups data in your credit history to determine your credit score (or FICO score). The following percentages show the influence of each category on your score:
If you are building credit from scratch, here are a few things you can do:
Do not apply for several credit accounts at once. Each application creates an inquiry on your credit report, and too many inquiries can hurt your score. Space out your applications over a reasonable number of months. Be sure to take on only what you can manage to pay off.
If you are trying to improve your credit score, take the following actions:
On those last two bullet points: Until you are in good standing with your existing creditors, avoid opening new accounts and incurring hurtful inquiries. Closing old accounts can hurt your credit score as well. Old accounts reflect your dependability and responsibility as a borrower, so leave those open, even if they are unused accounts, so long as they do not charge you monthly or annual fees.
Building your credit score, as mentioned, takes time. As time passes, negative marks on your credit report should drop off. Late payments (or delinquencies), collections, and tax liens can take up to seven years to disappear. The same can be said for charge-offs which are debts you owe that a creditor reports as a loss. Bankruptcies can stay with you for as long as 10 years, and inquiries typically drop off in two years.
You can learn more about the steps to improving your credit score from the sources below. Otherwise, consider asking a credit expert at one of the bureaus about the impact and improvement of your credit report.
In conclusion…
You do not need a high credit score to buy a new home. However, if you feel the benefits of a high score are worth the wait to purchase, you can take the necessary actions to clean up your credit history. If you would like to learn more, Lennar’s affiliated mortgage company, Eagle Home Mortgage, and its loan officers can answer your questions. Eagle also offers free credit guidance through the HBSG Credit Program of its Home Buyer Solutions Group (HBSG).
Additional Sources
A Guide to Understanding Your Credit from Eagle Home Mortgage
On Credit Scores and Mortgages…
How Credit Impacts Home Pricing by Eagle Home Mortgage (2019)
What Credit Score Do You Need to Buy a House? by Rebecca Lake (September 2019)
How Do Lenders Evaluate Credit? by Eagle Home Mortgage (2017)
On Building and Improving Your Credit Score…
Your FICO Score – A Key Piece of the Puzzle by Eagle Home Mortgage (2017)
Your FICO Score Range and Why It Matters by Eagle Home Mortgage (2017)
Surprising Things You Didn’t Know Affect Your Credit Score by Eagle Home Mortgage (2017)
Don’t Let Credit Bumps Hold You Back by Eagle Home Mortgage (2019)
How to Build Credit from Scratch by Tim Devaney (July 2019)
4 Habits to Help You Build Credit by Eagle Home Mortgage (2017)
A Simpler Path to Homeownership with Credit Solutions by Eagle Home Mortgage (2019)
Disclosure:
Eagle Home Mortgage is an affiliate of Lennar Corporation. See Affiliated Business Arrangement Disclosure. Use of Eagle Home Mortgage is not required to purchase a home from Lennar.
This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2020 Lennar Corporation. Lennar, the Lennar logo, Eagle Home and the Eagle logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Date 04/2020. Eagle Home Mortgage, LLC – NMLS # 1058
Lennar is now selling the final few homes in the Chateau Series at Bellevue Ranch on Bancroft and Crawford Way in Merced. This community is open by appointment only.Home shoppers should contact an Internet Sales Consultant on lennar.com to schedule a private tour.
“We have had incredible success at Bellevue Ranch with our popular Chateau Series of home designs,” said Susan Wilke, Vice President of Sales and Marketing for Lennar Central Valley. “This community offers a great location for families at all stages of life, so those who are looking should contact us today to reserve their spot here before it’s too late.”
Don’t miss your chance to own one of the highly-desirable home designs in the Chateau Series. With homesites ranging in size from approximately 1,787 to 3,167 square feet, three to five bedrooms and two to four bathrooms, there is a floorplan for everyone.
Lennar’s Moraga community is located nearby on Yoesmite Ave and Via Moraga in Merced. Moraga offers the Chateau Series as well as two other series: the Summer Series and the Skye Series.
The Summer Series at Moraga offers a variety of home designs that range in size from 2,049- 2,617 square feet and offer four to six bedrooms, two to three bath and two-bay garages.. The community offers a coastal inspired curb appeal and spacious floorplans.
The Skye series offers four floorplans that range from 2,029 to 2,570 square feet and offer three to four bedrooms two to three bathrooms and a two-bay garage.
Every home comes complete with Lennar’s signature Everything’s Included®, which provides homebuyers with a high level of features and upgrades at no additional cost. All Lennar communities include stainless steel GE® appliances, granite or quartz kitchen countertops, integrated home automation, Wi-Fi CERTIFIED™ designs for whole-home connectivity and more.
Follow the Lennar Central Valley’s Facebook page to stay connected to communities in Merced that are now selling. Call today to schedule a tour at (209) 268-0020, visit www.lennar.com/merced or CHAT NOW.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. The Company builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of the Company’s homes and, through Lennar Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Lennar Ventures drives Lennar Corporation’s technology and innovation strategies. For more information about Lennar, please visit www.lennar.com.
The home is where the heart is, and Lennar takes great honor in helping families find their perfect getaways in the Nashville area. Homebuyer purchasing power is at an all-time high with interest rates at the lowest they’ve been in 10 years! If you’re looking for a personalized new home buying experience from the comfort of your current home – on select move-in ready homes with Lennar Nashville, receive GREAT pricing and 2.99% [3.030% APR]* when financing with Eagle Home Mortgage, and here’s how Lennar can help.
Lennar.com is a WEALTH of Knowledge
Do your homework ahead of time by virtually determining which Lennar Nashville community is the right fit for you. Each of our communities are showcased in detail on www.lennar.com/nashville, where you can see everything from floor plans to amenities in the community, to details both large and small from inside and outside your future home. Our website provides an opportunity to even plan your furniture in the future space, and visualize what your dream home looks like – and provides peace of mind, without ever having to leave your computer.
Today’s Investment Will Provide Long-Term Benefits
NOW is the time to buy! Low-interest rates are enabling new homeowners to buy larger homes than they thought possible, and at lower monthly mortgage payments. This enables you to save more money for a rainy day, plan future vacations, spoil family members, save up for school, and more.
We Are Here For You, Virtually ALL the Time!
Lennar has many creative opportunities to help and support you through your homebuying process – virtually. Although nothing quite replaces the joy of meeting our future homeowners in person, Lennar allows homebuyers to tour their future homes, sign a contract, ask questions, and do final walk-throughs of their homes from the comfort of their current homes or offices. FaceTime, Skype, Zoom, group chat – we’ve seen it all, and have done it all. If you’re across the country, or simply moving from one city to another within Tennessee, Lennar is gifted with the ability to get your family into your #DreamHome as quickly, easily, and safely as possible.
Our Welcome Home Centers Are Spotless
We call them “Welcome Home Centers” for a reason. Like all places of business, we will remain on high alert to provide the best measures for sanitation and safety, like hand sanitizers, extra attention to our cleaning processes, and ensuring that our staff is healthy, and abiding by social distancing standards. We have separate and private areas for meetings and consultations and can tour private model homes at a moment’s notice. We are now operating at “By Appointment Only” to maintain the proper social distancing as recommended by the CDC.
We are a tight-knit family, here at Lennar, and we are committed to doing everything in our power to welcome you into your ever-growing family, despite these trying times. We look out for each other, and always go the extra mile to make your new home dreams a reality – just let us know how to help!
Disclaimer:
*Offer available on select move-in ready homes if the purchase agreement is fully executed between 03/30/2020 and 04/30/2020 and closes and fully funds on or before 05/29/2020. Limited funds are available; rates may change or not be available at the time of loan commitment, lock-in or closing if funds are exhausted. Specific terms apply and buyer is subject to qualification that includes, but is not limited to, minimum downpayment of 10%, minimum credit score of 740, owner occupancy requirements and/or any changes in investor guidelines or programs. Jumbo loan amounts not permitted. Not an offer to enter into an interest rate or discount point agreement and any such agreement may only be done in writing signed by both the borrower and the lender. Offer based on a sales price of $350,000 and requires financing through seller’s affiliate Eagle Home Mortgage, LLC – NMLS # 1058 . (See Affiliated Business Arrangement Disclosure https://pub.s7.exacttarget.com/k0mmgz21jwa). Eagle’s loan process is a voluntary program and participation is not required in order to purchase a home from Lennar. Offers good for a limited time only. Lennar reserves the right to change or withdraw any offer at any time. Prices subject to change without notice. Booking an appointment is not an offer to sell a home; any such agreement may only be made in writing signed by both the seller and the purchaser. Please see your New Home Consultant and home purchase agreement for actual features designated as an Everything’s Included feature. Photographs of the home are for illustrative purposes only, and should never be relied upon.
