Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:
1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history. photo credit: Andres Rueda photo credit: Andres Rueda
2. How much you owe. If youowe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, visit www.myfico.com.
Properties in Braddock District
Excellent Condition, Location and Price! One of the largest models in desirable Carriage Park (1800 sqft) beautiful and in perfect condition. And with many recent updates, including Trane Furnance & Air Conditioner, 50 Gallon hot water tank, Granite and Back splash, upgraded insulation and low utility bills. Master Retreat suite with sitting area, vaulted ceiling & California walk-in closet. [Carriage Park - $385,000]
Just Listed! Location, location, location! Great 3 level Townhouse with 3 bedroom 2.5 bath townhouse in the heart of Burke! Features Master Bedroom with Private Bath, Wood Floors, Vinyl Siding, New Carpet, some New Flooring, New kitchen counter, New Windows, New Sliding Door, New Bathroom Vanities, Updated Electric Panel, New Gutters. Open Floor Plan, and more! [Lake Braddock - $359,900]
Expansive and Elegant 4BD/3.5BA Colonial w/over 5,000 sqft of Living Space on 3/4 Acre in sought after Birchtree!! Features Two Story Foyer,Huge Gourmet Kitchen w/Granite, Family Room off of Kitchen w/Vaulted Ceiling & Skylights, Master Suite w/Sitting Room, Huge Master Bath, Separate Home Office next to 3-Car Garage, Finished Walkout Basement w/Large Brick Patio & Deck! Woodson HS pyramid & AS IS [Birchtree - $800,000]
First Class Renovation of Ground Floor Front condo in desirable Heritage Woods North. Quick access to 495, Heritage Mall, Bus Line, Parks and schools. Kitchen updated with Bianco Romano Granite, newer white appliances, fresh paint on wood cabinets. New flooring by Pergo is very neutral & will complement your decor. End unit with light on 2 sides, private patio. [Heritage Woods North - $182,000]
Woodson HS tier** Premium cul de sac lot!! Huge, private backyard w/fence, 4 bdrm 2.5 bath Colonial w/ open layout! New hardwood floors(2 lvls) Gourmet kitchen w/quartz,high end SS appls! New windows,carpet,paint & fixtures! Family room off kit w/fireplace! 12x10 Deck! Screened Porch! Fully fin walkout basement! Great Location & Neighborhood, Walk to Pool***Open Sun 1-3PM [Hickory Farms - $599,900]
OPEN HOUSE 8/20 1-4PM! Gorgeous updated split foyer home in the heart of Fairfax City. Modern & open floor plan w/gourmet kitchen-SS appli,granite,b-splash,cabinets&island. Gleaming hrwd flrs thru. Family rm w/stone FP. Nice size living&dining. Master w/luxury FB. Finished W/O rec.rm. w/BR. Stamped concrete outdoor living area&more! Near Rt.50/Rt.66/I495/I66/236, GMU, FFX Courthouse&metro. [Warren Woods - $549,900]
End Unit Townhouse-style condo w/one car garage in walking distance to Wegmans & Fairfax Corner! Open floor plan with Brazilian Cherry eng. wood floors * FULLY updated kitchen w/new cabinets, SS, granite & Mosaic tile * Master suite w/vaulted ceiling & custom designed walk-in closet * Remodeled MB w/large shower & seamless shower door * New HVAC (2017) * Vienna Metro bus to/fm community [Carriage Park - $388,000]
Beautiful Contemporary Home in Woodbury Woods! 2 St Foyer leads to newly painted & carpeted LR w/skylight & DR. Sip coffee in renovated eat-in kitchen while gazing out at yard & birds! FR off KIT w/refin HW features FP & leads to patio & grill w/gas hookup! Laundry+1/2 BA main. Huge MBR w/ensuite BA, 2 closets. 2 BR's & new hall BA. LL Den, Dk.RM, Dance Rm, 1/2 BA, huge storage! A MUST SEE! [Woodbury Woods - $624,900]
Spectacular unit! New granite counters and engineered wood floors combined with an incredible location makes this an outstanding bargain in a neighborhood with all the amenities. Secure building with elevator and your own garage. Convenient to Fair Oaks Mall, Rts 50 & 66. [Courts At Wescott Ridge - $335,900]
Great Location! End unit. Walk to Shopping Center, Granite Counter top, 2 assigned and plenty more parking .Show well but sold "AS IS" .Showing all days. Owner occupied, please call or email listing agent 1 hour before showing [Burke Manor - $339,930]
In preparation for buying a home, it’s a good idea to understand credit scores. Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:
Your payment history. Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history.
How much you owe and where. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, spreading debt among several accounts can help you avoid approaching the maximum on any individual credit line.
The length of your credit history. In general, the longer an account has been open, the better.
How much new credit you have. New credit—whether in the form of installment plans or new credit cards—is considered more risky, even if you pay down the debt promptly.
The types of credit you use. Generally, it’s desirable to have more than one type of credit—such as installment loans, credit cards, and a mortgage.
Young generations were badly hit in the recession, and it could have widespread effects on their lives, from delaying home ownership to starting a family and having children to even one day eventually retiring.
A new study from the Urban Institute shows that those under the age of 40 have accumulated less wealth than their parents did at the same age. That coincides with a time when the average wealth of Americans has doubled over the last quarter-century , according to the study.
“In this country, the expectation is that every generation does better than the previous generation,” Caroline Ratcliffe, an author of the study, told The New York Times. “This is no longer the case. This generation might have less.”
Young adults are facing stagnant pay, a tough job market, soaring student loan debt, and some who did own a home may have faced lost equity or even foreclosure during the housing crisis.
Will younger adults ever be able to catch up?
According to the Urban Institute study, if a person delays buying a home to age 40 instead of age 30, that alone could result in a $42,000 loss in home equity by the time that person reaches age 60.
Still, “strong and sustained job and wage growth would cure many of the ills facing younger workers,” The New York Times reports. “But their delayed or diminished wealth accumulation might still have a lasting impact on their finances.”
Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene
If you’re thinking of buying a newly-built condo or new house, you probably already know that every new development will have its own sales staff. These people are often friendly, helpful and very knowledgeable about the new development. However, these folks work to sell this property only, because the sale staff works for the builder.…
I met with a first-time buyer over the weekend. She was prequalified by her lender. Prequalifying helped frame her choices. It’s a waste of time and energy to look at homes that are outside of the budget, so prequalification is the first step for any home buyer. Here are the steps that we’ll be taking…
Credit scores from online mortgage shoppers have risen four points since 2011, averaging 734, according to a study by MortgageMarvel.com, which analyzed nearly half a million online mortgage applicants.
Some states are averaging even higher credit scores, particularly among those states known for having high household earnings. The following are the states with the highest median credit scores among mortgage applicants, according to Mortgage Marvel.com:
Hawaii: 771 / Oregon: 771
Rhode Island: 763
New Hampshire: 762 / Virginia: 762
The states with the lowest median credit score among mortgage applicants are Arkansas (691) and Mississippi (698), according to MortgageMarvel.com.
Source: “Link Between Credit and Mortgages: Not What You Think,” CNBC (Jan. 24, 2013)