Posted by Jennifer Santosuosso on 10/21/2018

If you’re hoping to buy a home in the near future, there are a number of financial factors you’ll need to consider.

One of the factors that all lenders will consider when determining whether or not to approve you for a mortgage is credit score.

In this article, we’ll lay out the minimum and ideal credit scores that are needed for getting approved for a home loan.

Determining Your Score

As you may guess, credit reporting is a complicated business. There are three main reporting companies that lenders use to determine your credit: Experian, TransUnion, and Equifax. These companies largely collect the same data about your finances, but can have minor variations. Lenders will take these scores and use the median or middle score to determine your credit rating.

Thanks to the Fair Credit Reporting Act, Americans have the ability to confirm the accuracy of their reports.

If you want to find your credit score, there are a number of online reporting agencies that will show you your report for free on an annual or monthly basis.

Minimum credit scores

Depending on the type of loan you’re applying for and which lender you are pursuing, minimum credit scores vary.

For those seeking first-time homeowner (FHA) loans, you’ll need a credit score of at least 580 to qualify for a 3.5% down payment. A score lower than this amount and you will need to put at least 10% down.

Since FHA loans are insured by the government, you are more likely to be approved if you have a low or “poor” or “bad” credit score (usually anywhere from 300 to 650).

Another type of loan that could help people with low credit is offered by the Department of Veteran’s Affairs. These loans, known as VA loans, are guaranteed, in part, by the government. However, the loans are still approved and distributed by lenders who all have varying minimum credit requirements. A good benchmark is that you’ll need a score of at least 620 to be approved.

Minimum isn’t ideal

While you may get approved for a loan with a low credit, this isn’t always a reason to celebrate.

Lenders use your credit score, among other things, to help determine the interest rate of your loan. A lower score often means a higher interest rate.

While 1 or 2 percent can seem like a small number, it can mean paying tens of thousands of dollars more in interest over the span of a thirty-year loan.

To illustrate the importance of one percent, consider the following. If you owe $200,000 on a home and intend to pay it over 30 years, you will pay $103,000 in interest at 3% and $143,000 at 4% - that’s a difference of $40,000.

Rather than shooting for the minimum credit score, a better approach would be to build credit while saving for a down payment. Someone with a credit score of 740 or higher will be seen by most mortgage lenders as an ideal person to lend to.

Of course, life doesn’t always allow for the ideal situation. So, do your best to save and build credit, and be sure to shop around for the best rates when you’re ready.





Posted by Jennifer Santosuosso on 10/14/2018

Most people love the idea of working from home. You have access to whatever food you want for lunch, you decide when to get out of bed, and whether or not it's worth getting dressed for the day. While it does have many benefits, working from home has one huge disadvantage: distractions. Making your home office, living room, or bedroom a productive place to work is difficult, but it can be accomplished. Ultimately, your productivity is a matter of motivating yourself to work. But being in the right environment is still vital to creating a distraction free workplace. Whether you're self-employed, have a hobby that requires a home office, or just need a quiet place to do some paperwork, having a minimal home office can be vital to getting the job done. In this article, we'll cover all the elements needed to creating a simplistic workspace where you'll feel comfortable but still focused enough to work.

Setting the mood

Are you the type of person who works best in a well-lit room or do the lights need to be slightly dimmed? Depending on your preferences, you might want to choose a room that receives a lot of sunlight or convert part of your basement to an office. When it comes to wall and furniture colors, studies have shown that different colors can affect our mood. Depending on the atmosphere you're going for, you might choose white, light grey, or light blue wall colors. Bold colors will probably be too distracting and bright red colors can even be anxiety inducing. Try building a color palette online and deciding which color combinations you would enjoy for the walls of your office.

Avoiding distractions

You want your office to be sparsely decorated and free of distractions like games, phones, food, etc. However, for some people an empty room is even more distracting than a cluttered one. A good way to fill up the room without adding distractions is to incorporate plants and simple artwork. When choosing plants for your office, consider the amount of sunlight the room receives. It's possible to incorporate plant life without having to worry about moving them to receive sunlight. Similarly, there are cacti, succulents, and terrariums that require little upkeep and watering. You don't want to give yourself excuses for not working by telling yourself you need to water the plants.

Setting up your desk

Being productive is all about having a routine. You want your desk to help you stick to that routine. That means it should have everything you need to work and little, if anything, else. Aside from encouraging you to focus on your work, having a cluttered desk can also make it difficult to find what you need like a lost pen or a certain important piece of paper. Once you have your desk set up with what you need, be it a laptop, power cord, lamp, etc., then it's your job to keep it that way and avoid any rubbish from building up.




Tags: home office   minimalism   office  
Categories: Uncategorized  


Posted by Jennifer Santosuosso on 10/7/2018

Choosing an exterior color for your home can be a challenging task. You want your house to stand out, but not in a bad way. You need to consider the neighborhood and area that you live in to find the most appropriate choices of colors for your home. There is such a thing as color psychology. This means that certain emotions and feelings arise from looking at certain colors. Keep this in mind when choosing a paint color and color scheme for your home. Cool colors and neutrals, for example, provide a calming, soothing affect on your mood. That’s the kind of home you want to “come home” to! Here’s some tips for choosing a paint color scheme for your home. Choose A Powerful Color Scheme There are certain colors that just work well together. These colors are like celebrity power couples. Try these combinations on for style: White+ Light Blue Brown + Yellow Gold Taupe + Olive Green Light green + Yellow White + Dark Brown Light Green + Light Blue Dark Brown + Light Brown Black + White Gray + Light Blue Red-Brown + Cream Gray + White You can work any other number of colors into these suggested color schemes as well. Every color in fact has undertones. This is why you should view a color more than once before choosing to paint your home that color. Blue and green accents, for example, work well with shades of tan and white. However, you can’t blindly chose the shades to make them work. Use Shiny Finishes For Highlighting Higher gloss paints and more highly reflective colors can be used on your home’s trim. You wouldn’t want these colors used as a main color on your home’s surface. Keep in mind the type of paint and the way in which the colors will be used when planing to paint. Consider Your Home’s Architectural Design There’s certain colors that will appear jarring when it comes to the exterior design of your home. In a neighborhood of neutral color homes, it may look strange to pick fire engine red for your exterior paint color. Certain homes and neighborhoods even have codes that must be adhered to when it comes to the home painting process and choice of color. Choose colors based on the type of home you own. Remember Your Front Door Counts The color of your front door is a part of the exterior paint job of your home. If you love your white house, but are looking to add a bit of color, try painting the door a shade of blue. While it will stand out, the contrast of color can work well. This is especially true if the color of the front door matches the color of your home’s trim.





Posted by Jennifer Santosuosso on 9/30/2018

The spare room. How is it that they always seem to be a catchall for random household items and never quite turn into a useable room? If you’re tired of walking by your spare room and it’s dismal mish-mash state keep reading for tips to turn it into a room you’ll be excited to use. Art studio. Whether you were born with a paintbrush in hand, haven’t touched one since high school or have always wanted to learn how an art studio can bring creativity into your life and home. Invest in an easel and a paint set to get started. But be sure to cover the floors for easy clean up! Unless that is you want to go for the splattered look. Reading room. Turn your spare room into a cozy reading nook by installing floor to ceiling bookshelves and some reading chairs. Create a room others will envy by building a window seat snug between two bookcases. Add ambiance with thick, ornate curtains and a plush area rug. Music room. Have you been longing to learn piano or guitar for years? Set your spare room up to be a practice space by installing soundproof walls and adding some instruments. Hooks on walls to hang your growing guitar collection or a small bookshelf for sheet music will keep your room neat and organized. Crafting room. If you have more craft supplies than you know what to do with you would probably benefit from a craft room. By dedicating space to your hobby you can organize your projects to be picked up at will and safely stored when you are ready to dive back in. If you have more than one craft you prefer you can even set up station dedicated to each one throughout your room. Add a cozy sitting chair for knitting or needlepoint or a large desk for scrapbooking or sewing. Playroom. Give your kids a space of their own by creating a playroom to store all their toys and have ample room to play with them. The extra space allows you to add fun playtime extras like a rug with a racetrack printed on it or a large dollhouse. A playroom also helps kids transition from playtime to other activities throughout the day. Movie theater. If you are a movie buff consider turning your spare room into the ultimate home movie theater experience. Large reclining chairs with cupholders add the comfort of the movie going experience. Pick up a screen projector and popcorn machine to recreate that theater feel. Home office Don’t let the extra space your spare room offers go to waste. Clear out any clutter that’s built up over the years and dedicate it to a new hobby, a long loved pastime or a place for your family to gather and spend time. Your options are endless so get creative and then get to work!




Tags: family fun   spare room   playroom  
Categories: Uncategorized  


Posted by Jennifer Santosuosso on 9/28/2018

This Multi-Family in Milford, MA recently sold for $399,000. This style home was sold by Jennifer Santosuosso - Millennium Realty.


118 HIGHLAND ST., Milford, MA 01757

Multi-Family

$409,900
Price
$399,000
Sale Price

2
Units
2,596
Approx. GLA
Spacious side by side two family home offers fantastic investment opportunity, or owner occupy and receive rental income. Just shy of 1 acre, this property features a well manicured, expansive backyard great for entertaining. Unit #1 offers: two spacious second floor bedrooms with wood flooring; 1.5 baths; two main level rooms that can be used as an office, playroom, or whatever else suits your needs; private patio; and two separate walk up attics that provide even more storage space. Unit #2 offers: 1 floor living with 1BR; eat in kitchen; private wood deck; four season sunroom. Washer and dryer hookups are in each unit. Off street parking spaces abound. Great location with quick access to commuter routes, schools, parks and shopping center. FIRST SHOWINGS BEGIN AT THE OPEN HOUSE ON SUNDAY, JUNE 3 FROM 12-2PM.

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Categories: Sold Homes