Deb Tebbs Group

Cascade Sotheby's International Realty

Can I Still Buy A Bend Oregon Home Even With Student Loan Debt?

home buying tips

Bend Oregon Home

 

By Deb Tebbs Group

As long time Realtors® one of the most common questions that we’ve been asked over the years is can I still buy Bend Oregon Home even if I have student loan debt? And the answer to this question is it depends but, there still is hope out there thanks to the looser lending standards over the last 10 years which have made it easier for people to buy homes than ever before.

Buying a Bend Oregon Home with Student Loan Debt

So you’re planning on buying a Bend Oregon Home and you have some student loan debt, although in the past this may have been bad news for some homebuyers, the reality is that there are some lenders out there who will approve you for a mortgage loan if you meet the following criteria:

Good FICO Score – Should be at least 700 or better

Lower Debt-To-Income Ratio (DTI) – Must be at least 33% of income.

Solid Payment History – All of your bills must be paid on time each month.

The Role Of Your Student Loans

Excellent Employment Record – You must be working at one job for at least one year and not be planning on changing jobs soon. Let’s say you’re a recent college graduate earning $45,473 annually –  the average for the college class of 2014. Your gross monthly income would be about $3,789. You have a car loan monthly payment of $200 and a credit card payment of another $200. On top of that, let’s say you have $30,000 in student loans, about the average amount of debt for graduating college seniors. Assuming this is an unsubsidized Stafford loan at 4.6 percent interest, you’ll be left with a monthly payment of $312.

Now, let’s say you’re applying for a home loan of $222,261 with a $1,061 monthly payment – the national average. Your total monthly debt payments would total $1,773 and your debt-to-income ratio would be around 46 percent, putting you over the 43 percent threshold and potentially out of luck for buying that particular house.

Source – USNews

Lenders Can Get Creative with Debt

There’s no denying that in today’s world many lenders are literally willing to go the extra mile to obtain more business and prequalified buyers for mortgage loans including getting creative with the buyers debt.

Some of the strategies that lenders can use to get creative with the buyers debt include the following:

  • Student Loan Debt – Your lender may advise you to defer your student loan repayments for up to 12 months because it’s possible that they won’t view a deferred student loan debt as part of your Debt-To-Income Ratio.
  • Auto Loan – If you currently have 10 payments or less on your auto loan your lender may not include that auto loan as part of your DTI.

Things to Do Financially Before Buying a Home

Buying a Bend Oregon Home can require a lot of “leg work” financially if you’ve never gotten your finances in shape before.

Before going out to get pre-qualified for a mortgage loan make sure you use this checklist to confirm that you’re ready to meet with a lender.

Paperwork – Gather your financial paperwork including two years-worth of W2’s, Federal income tax returns, paycheck stubs and your bank statements.

Financial Gifts – Be ready to show complete documentation for financial gifts from friends or relatives if you’re planning on using those gifts as part of your down payment on a home.

Smart Debt Management – Pay down all balances on credit cards and other loans to under 30% of the loan and don’t close credit accounts after you’ve paid them off because it only helps you to keep those accounts open.

Fix or Improve your Credit Score (FICO Score)

One way to do this, on top of paying your bills on time, is to keep your credit card balances at or below the 30% threshold of the max available credit.  This can potentially save a buyer thousands of dollars over the life of the loan. Higher credit scores would typically give you better interest rates.

Avoid quick fixes. Do not close existing credit accounts if you do not use them.  Also, do not pay all of your card balances to zero at once, unless you can do this every month; any change can be viewed as a quick fix.  (In general, you do not want to change the way you utilize your credit.) Quick fixes can negatively impair your credit.  In the months leading up to a home purchase, keep paying your bills as you usually do; do not close any old credit lines and try to avoid opening up any new ones.

Maintain Healthy Debt – If you don’t have a substantial credit history, lenders might not have enough data to approve you for a loan. Maintaining healthy debt and being a responsible borrower can help you avoid being labeled as a “thin file”.

To obtain your credit score, you can request a FREE Annual Credit Report here. Make sure your credit report is accurate and up-to-date. If you have suspicious or dated transactions listed on your credit report, one option is to hire a credit repair agency to send legal verification letters on your behalf.

Source – Studentloanhero.com

Buy a Bend Oregon Home

To learn more information about what you need to do to buy a Bend Oregon Home contact the Deb Tebbs Group today by calling us at (541) 323-4823 or connect with us online.

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The Right Way To Move Into Your Bend Oregon Home

Bend Oregon Home

Bend Oregon Home

 

By Deb Tebbs Group 

After weeks of searching Bend Oregon Homes for Sale you finally found the Bend Oregon Real Estate of your dreams and are ready to move into your first home.

Although you’re eager to move into your new home it’s important to know that moving does take preparation and you can successfully move into your new home by following these simple tips.

Pack an Overnight Bag 

The first thing to do before moving into your new home is to pack an overnight bag for everyone in the family because each person is going to need their own personal supplies and it’s better to have those items available in an overnight bag rather than having to search for them in boxes.

Pack All of the Daily Items You Will Need To Use First

Another important thing to do when moving is to pack all of the items you use every day into a plastic bin so you can easily find that bin when you move into your new home.

Use Extra Care When Packing Breakable Items 

For breakable items you should use a little creativity to pack those items and use clean socks to insulate small breakables or consider using blankets, comforters and sheets to insulate large breakable items like glass mirrors or artwork.

Label All Moving Boxes 

One of the most frustrating things to do when moving is having to read what someone quickly wrote on a moving box when you are moving into a new home.

To avoid this hassle you should consider investing in labels for your moving boxes and then once a box is packed / taped up you should encourage everyone who is helping with the move to apply a label to the box and clearly write on the box what’s inside it.

Clean The Kitchens and Bathrooms BEFORE Moving In

Since our kitchens and bathrooms are two of the most important areas of the home you should clean those areas first BEFORE moving into your new home because it doesn’t make sense to have boxes in those rooms because you will have to take them out and clean anyway before moving in.

Don’t Remove Drawers From Dressers Before Moving THem 

Before packing the contents of your dresser drawers you should consider keeping those drawers intact by wrapping the top of those drawers with shrink wrap or plastic wrap so you can stack each drawer in the moving van then reinstall them in the dresser when you arrive at your new home.

Use Press N Seal On Hanging Jewelry

Another cool thing you can do when moving is to use products like glad’s Press N Seal to wrap up your hanging jewelry before placing the jewelry box or armoire into a moving box.

Contact Us

For more tips on how to move into a new home or to view the Bend Oregon Real Estate market contact the Deb Tebbs Group today by calling us at (541) 323-4823 or CLICK HERE to connect with us online.

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Bend Oregon Real Estate – 4 Secrets You Can Use to Keep Your Home clean while it’s For Sale

 

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So you’re thinking about selling your Bend Oregon Real Estate but the thought of listing your home is a little intimidating because you have children and a family who is fond of making messes.

Don’t worry! Even though it might seem like an impossible task you can keep your home clean and make it stand out from other Bend Oregon Homes for Sale by following these 4 secrets.

#1 – Create a Regular Cleaning Schedule

Once we list your Bend Oregon Real Estate for you the first thing you should do to keep your home always clean is to create a schedule of things in your home you should clean every day vs. things you should clean weekly.

Daily Example: clean the bathrooms, clean the kitchen, sweep the floors and vacuum the house.

Weekly Example: dust the house, clean the bedroom, wash fingerprints off windows, organize shelves, declutter the kitchen, organize the medicine cabinet, and de-clutter the refrigerator.

By writing down regular things you should focus on cleaning daily vs. weekly you can create a schedule that everyone in your home can get in on so you don’t have to worry about cleaning your home all by yourself.

Another benefit of having a regular cleaning schedule is that you will avoid overwhelm with last minute calls from your Realtor® when they decide to show your home after 5 o’clock or on the weekends and you can have confidence that your home will literally shine among other Bend Oregon Homes For Sale.

#2 – Choose Creative Ways to Manage Clutter

Clutter is a fact of life in any home but when you’re trying to sell your Bend Oregon Real Estate it can be downright annoying but, you can easily deal with clutter by investing in baskets to hide the clutter then strategically place those baskets in a closet or on a shelf so that your home will look neat and tidy when buyers arrive.

#3 – Start Eliminating Most of Your “Stuff” Now

One common thing that can make a home stand out in a bad way among other Bend Oregon Homes for Sale is if the home is cluttered with lots of stuff.

You may love your bikes, stand up paddle board, surf boards and other fun stuff that you have in your home but as your Realtor® all we are thinking is that those things take up space and will make your home look smaller.

For best results try taking most of your stuff now and placing it in storage so your home will look bigger and more spacious when buyers arrive.

#4 – Hire a Weekly Deep Cleaning Service

While your Bend Oregon Real Estate is for sale you should consider hiring a weekly cleaning service to come by your home to do a weekly deep cleaning service to insure that no areas of your home will be untidy by the time buyers arrive.

Sell Your Bend Oregon

To get started with selling your Bend Oregon Real Estate or to search for Bend Oregon Homes For Sale contact the Deb Tebbs Group today by calling us at (541) 323-4823 or contact us through our website. 

 

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