What Credit Score Do I Need To Buy A House?

Good Bad Credit Signpost Shows Customer Financial Rating
Good Bad Credit Signpost Shows Customer Financial Rating

First time homebuyers sometimes find themselves embarking on a new adventure for which they have little or no preparation.  Getting all of your ducks in a row before house hunting will help you become a little more on guard.  One of the first matters up for consideration is your credit score.  You may be wondering, “What credit score do I need to buy a house?”  While there’s no specific score that will qualify you to buy your first home, there is a range that will get you there, and the experts at The Scherer Team have put together some helpful tips for you. Here’s what we know…..

FHA

For those who will be applying for an FHA loan, a minimum score of 580 is required to qualify for the low down payment option (3.5%).  You won’t, necessarily, be denied if your score is under 580, but a down payment of 10 percent may be mandatory.

Conventional

For a conventional loan, different lenders will have different requirements.  A “ball-park” figure of 640 or more, with a hefty down payment, could get you qualified.  However, there are other determining factors, so the higher the score, the more likely your chances of approval.

USDA

If you are purchasing a rural property, first time buyers can take advantage of a zero down home loan with a minimum score of 620.  This is a government backed loan that has location restrictions as well as maximum income restrictions.

VA

Most VA lenders use credit scores to determine eligibility.  This can vary from lender to lender, but most are looking for a minimum score of 620.  Of course, these loans are only given out to qualified veterans.

In a nutshell, the minimum requirements are listed above.  A higher score is always better because you are able to take advantage of lower interest rates and lower down payments.  Taking time to clean up your credit, if your score is on the lower side, is highly recommended.  It can end up saving your thousands in the end.

Have more questions? Contact the Scherer Team today at 888-300-4431 to schedule a complimentary consultation!

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Best Places to Eat Pizza in Palm Beach County

Sliced ham pizza with capsicum and olives on wooden board on table

It’s probably safe to say that pizza is, in no way, just an acquired taste.  It seems that everyone is born into this world with a built-in love for this Italian (and American) staple. Think about it!  Can you think of anyone you know that doesn’t love pizza?  Next time you and your friends or family get a craving for some of this delightful and delectable nourishment, give one of these “rare finds” a try……You won’t be sorry! The Scherer Team has put their heads together and used our combined local expertise to bring you the best places to get a slice in Palm Beach County!

Grande Pizza in Hollywood

This little “hole in the wall” consistently serves up above-average pizza, as well as service!  No matter what type of pizza you are accustomed to, you will find something you love at Grande Pizza.  They pride themselves on catering to many different tastes and budgets with one goal in mind: satisfaction!  For hours and location, find them online at http://grandepizzaonline.com/.

Augy’s Restaurant & Pizza in Boca Raton

Augy’s pizza is “the best of the best.”  Serving up traditional pies since 1977, home cooking with quality ingredients enables Augy’s to keep the tradition going.  The Vultaggio Family values their customers, and it’s easy to see what brings them back time and time again.  Find Augy’s online at http://www.augys.com.

Pizza Girls in West Palm Beach

Pizza Girls is another “must have” for locals in West Palm Beach!  Two girls, Jen and Phoebe, are, literally, the Pizza Girls!  The two started this gig a decade and a half ago, and have been going strong from the very beginning.  Unique gourmet pie combined with traditional Sicilian crust keep happy customers gladly returning for another fix.  Visit the store or order online at https://pizzagirls.hungerrush.com/.

Camilli’s Pizza in Lake Park

Fresh and delightful is an understatement at Camilli’s Pizza.  Providing customers with authentic thin crust Italian pizza is their passion.  A true Italian experience, add Caesar salad and a bottle of red to the order, and you have yourself the perfect little date night.  Find more information on Camilli’s at https://www.facebook.com/camillispizza.

Scuola Vecchia Pizza έ Vino in Delray Beach

Superlative pizza pie, to say the least!  Scuola Vecchia pizza is crafted from the finest ingredients in true Neapolitan tradition.  And might we add; this is, quite possibly, the most adorable pizza place in existence.  You, simply, must see it for yourself!  Find more information at http://scuolavecchiapizzeria.com/.

When Is The Best Time To Sell A House?

sell-your-house-real-estate-concept-vector-character-cartoon-illustration_zkqeTyd__LFor years now, people have believed that waiting for prime season when it comes to listing a house is the best decision.  So, what is prime season? Traditionally, agents and sellers alike agree that prime season begins in the spring and comes to an end at the same time summer does.  That little tidbit of information may be true, at least as far as the number of houses on the market and the number of buyers looking.  It is, without a doubt, the busiest home-hunting and home-purchasing season. However, is it best to wait until spring rolls around to sell your home?  The answer to this question is, simply, “maybe not.”  Many agents would advise you to list as soon as you know you are selling.  Other agents would insist that you wait.  In order to make the determination, you will need to do a little research.  As always, with real estate, there are many variables to consider.  Let’s take a look at some of the factors you will want to contemplate….

Now that we agree that the prime season for real estate is equal to the warm weather months, let’s discuss the reasons why you may not want to wait until prime season rolls around to sell.  First of all, depending on where you live, warm weather may abound all year.  This means the prime season is less pronounced than in areas where cold weather is abundant and snow may even accumulate.  There is no need to wait until spring to list your home if you live in a pleasant climate year round.  All the same, if your climate is cold and crummy, you may be leaving money on the table if you decide to sell during the off season.

As always, the market in your area and neighborhood will be the deciding factor.  It will be important to meet with your agent for research on listing prices and selling prices in comparable homes year round.  In some areas, selling during the off season can work in your favor.  Less competition on the market may be beneficial.  Needless to say, there are pros and cons for listing in prime season and the off season, alike.  Let’s take a look at both:

Prime Season Pros

  • Curb appeal – Your home, typically, looks better during warm weather and longer days.
  • Higher appraisal amount – When comps are higher (in a hot market,) your home is appraised accordingly.
  • Bidding wars – More buyers bring more offers, which usually mean bidding wars can occur. This is always a good thing for you, the seller!

Prime Season Cons

  • Buyers can pick and choose – With more homes on the market; buyers can tend to be picky and demanding.
  • Sellers may need to upgrade more – Again, when competition is steep buyers want more. It may be necessary to spend more time and money upgrading certain areas of your home.

Off Season Pros

  • Buyers are motivated – If buyers are out looking in the off season, chances are they need to buy quickly.
  • Fewer houses on the market – Sometimes, the off season can work in your favor with less competition.

Off Season Cons

  • Buyers are looking for a deal – Some of the buyers looking during the off season are shopping for a discount. These buyers can be difficult during negotiations, and demand repairs even when they offer well below the asking price.
  • Less Curb Appeal – In cooler climates, curb appeal is less than attractive. Sometimes, there just isn’t a lot you can do about this.

As you can see, the answer to the best time to sell isn’t cut and dry.  Yes, the prime season pros seem to outweigh the cons.  But, be sure to do the necessary research before shutting the door on the off season!

Contact Laurie Scherer at 888-300-4431 today for a complimentary consultation!

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Homes for Sale in Bellaggio

Homes for Sale in Valencia Isles

Homes for Sale in Tivoli Reserve

Homes for Sale in Stonebridge Country Club

Active Adult Community Property Search

Country Club Community Property Search

Learn More about The Scherer Team with Keller Williams Realty

Palm Beach Area Egg Hunts and Spring Festivities

easter_1100011946-012914-intIt’s Spring is here and an Egg Hunt is in Order! Children everywhere look forward to dressing up in beautiful dresses and preppy little suits.  Well…..maybe that’s a stretch…..but what they do look forward to is an annual egg hunt and all of the colorful eggs filled with candy and prizes.  With plenty to choose from, in the area, you should be able to find the perfect one to please all of your little bunnies this year! The Scherer Team at Keller Williams Realty has compiled a list of some of the best Egg Hunts around town!

The Flagler Museum Annual Egg Hunt

Bring your children, of all ages, to hunt for eggs galore!  Other activities include a visit from the Easter Bunny, a Balloon Sculptor, Craft Activity Table, Face Painting, and a Bean Bag Toss.  The 10:00 o’clock hunt on the Southeast Lawn will be for children four and under.  At 10:15, children five and over will hunt for eggs in the Cocoanut Grove.  Over 7,000 eggs will be hidden, and prizes for the golden egg will be awarded!

  • Date: Saturday, March 26, 2016
  • Time: Gates open at 9:00 a.m., and the hunt begins at 10:00 a.m.
  • Address: One Whitehall Way, Palm Beach, FL
  • Website: flaglermuseum.us  for prices and ticket information

Palm Beach Zoo and Conservation Society – Breakfast with the Bunny

Breakfast with the Bunny includes a Hot Breakfast Buffett in the Tropics Café, Photo Opportunities, Up-close Animal Encounters, a Craft Station, and Rides on the Carousel.

  • Date: Saturday, March 19th, Sunday, March 20th, Saturday, March 26th
  • Time: Two seatings available on each date: 8:00 a.m. or 9:30 a.m.
  • Address: 1301 Summit Blvd, West Palm Beach, FL
  • Website: palmbeachzoo.org for registration and prices

Palm Beach Gardens Egg Extravaganza

The Egg Hunt will begin at 9 o’clock, with children being divided into three age groups.  This is a complimentary event, and no tickets or registration is necessary.

  • Date: Saturday, March 19, 2016
  • Time: 9:00 a.m.
  • Address: Gardens Park, 4301 Burns Rd, Palm Beach Gardens, FL
  • Website: pfgfl.com

24th Annual Egg Hunt hosted by Delray Beach Parks & Recreation

For children ages 1 – 10, the hunt will be divided into 5 age groups to search for over 10,000 eggs filled with prizes and candy.

  • Date: Saturday, March 26, 2016
  • Time: A visit from the Easter Bunny – 8:00 a.m.

The Egg Hunt begins at 8:30 a.m. sharp!

  • Address: Robert P. Miller Park, 1905 SW 4th Ave, Delray Beach, FL
  • Website: mydelraybeach.com

Boynton Beach Parks & Recreation Egg Hunt

For children up to 12 years of age, activities include an egg hunt, face painting, a visit from Peter Cottontail, and much more.

  • Date: Saturday, March 26, 2016
  • Time: 10:00 a.m. – 1:00 p.m.
  • Address: Congress Avenue Barrier Free Park, 3111 S. Congress Avenue,

Boynton Beach, FL

Boomers Boca Raton Free Easter Egg Hunt

This is a complimentary event for children 1 to 12 years of age.  Children will be divided into 4 groups.  Times are listed below.

  • Date: Sunday, March 27, 2016
  • Time: Age 3 and under – 11:00 a.m. – 12:30 p.m.

Ages 4 – 6 11:00 a.m.

Ages 7 – 9 11:45 a.m.

Ages 10-12 12:30 p.m.

 

How to Tell the Kids you’re Selling the House

Loving couple looking at their dream house

In the big screen comedy, Sisters, released in late 2015, Maura and Kate, both grown adults, lose their minds when they hear the news that their aging parents are selling their childhood home.  Chaos ensues and, while a bit “over the top,” and unrealistic, as fiction will be, the reality of telling your children, even mature adult children, that you are selling “the house” can land you in a sticky situation.  If your children will soon be heading off to university or are already out of the house and standing on their own two feet, you may be ready to downsize or move to a different area.   Feelings of nostalgia, loss, anger, and fear can creep up on the most stable of family members during times of change.  So, before you plant the “for sale” sign in the front yard or blurt it out over Sunday dinner, you may want to make a few preparations for sharing the big news.

Prepare a Plan

Before telling your children, grown adults, or otherwise; prepare a plan.  This means, know what you will be doing after you sell and where you will be living.  Even if the plan doesn’t play out exactly, it can be used to calm the emotions that may boil to the top during discussions. The “unknown” brings fear and anxiety to most of us.  To counteract the negative effect of hearing the news of the sale of a beloved home, having a plan for the future can ease minds.  While the thought of walking away from the sentimental landmark will stir up feeling of selfishness and, “what about me,” the worry of where you will live will lighten the burden a bit.

Prepare a time

Again, don’t share the news by letting your offspring drive up and discover the sign in the yard.  It’s best to tell them before you put the house on the market.  This will lessen feelings of resentment and animosity.  Set aside time just for sharing the news, giving everyone involved time to process the information, share feelings, and ask questions.

Prepare the words

You have a plan for the future, and you have scheduled a time to talk.  Now, “write a script,” so to speak.  Choose your words wisely, and plan to be positive and reassuring.  Rehearsing what you will say, in your head or out loud, will benefit you when it comes to delivery day.  Use words that will show encouragement as well as empathy.

Give Them Time

Once you have made the announcement, give your audience time to process the information.  Be patient, and answer questions.  Assure them that you understand their concerns, and remind them that you share some of the same emotions.  Eventually, your entire family will be able to move forward into the future as a family; even without the cherished childhood home.