What Do Appraisers Look At? What home appraisers look for: External factors of the house Depending on your property’s condition and size, the appraisal process can be a quick 15-minute visit or a two- to three-hour examination. Other external factors include: Neighborhood characteristics (i.e., urban, suburban, rural) Percentage of present land use in the neighborhood (one-unit housing, two- to four-unit housing, multifamily, commercial) Zoning classification Lot size Whether the property has public utilities The type of driveway surface and any car storage. What home appraisers look for: Internal factors of the house Structure, condition, and size, including: What home appraisers look for: What’s the general condition of the house? The materials and conditions of the foundation and exterior walls, the roof surface, screens, gutters and downspouts What home appraisers look for: Home improvements, upgrades, and additions Necessities such as the type of heating and cooling systems a home has. Call Amber Cyman now to discuss buying your dream home. Amber Cyman Real Estate 511 E Front St Suite 102 Traverse City, MI 49686 231-944-9979 https://ambercyman.com https://www.google.com/maps?cid=6707706476642726282 https://gmbtool.page.link/QRse
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What Is Minimum Down Payment For A Second Home? Conventional loans for vacation homes are an option, but be prepared to make a larger down payment, pay a higher interest rate and meet tighter guidelines than you would for a mortgage on your principal residence. The minimum down payment for a vacation home is usually 20% for a mortgage guaranteed by Fannie Mae or Freddie Mac, but many lenders have raised their minimum down payment requirement to 30% or even 35% for a second home. To qualify for a conventional loan on a second home, you will typically need to meet higher credit score standards of 725 or even 750, depending on the lender. Your monthly debt-to-income ratio needs to be strong, particularly if you are attempting to limit your down payment to 20%. All borrowers need to fully document their income and assets for a second home loan because lenders will need to see significant cash reserves to make sure you have the resources to handle payments on two homes. Call Amber Cyman now to discuss buying a second home. Amber Cyman Real Estate 511 E Front St Suite 102 Traverse City, MI 49686 231-944-9979 https://ambercyman.com https://www.google.com/maps?cid=6707706476642726282 https://gmbtool.page.link/eZZA
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July 2020
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