After year of struggles, the housing market roared back to life in 2013. The rebound will continue in 2014, but the pace will slow.
Experts say 2014 will be a year of continued growth and stabilization in the housing market with rising home prices, fewer foreclosures and greater activity among underwater homeowners. But this year’s market faces strong headwinds as inventory remains tight and both homebuyers and builders face tough lending standards.
To buy a home in today’s market, you either need impeccable credit or the ability to make an all-cash purchase. The average FICO credit score on conventional loans used to purchase homes in November 2013 was 756, according to the most recent data from Ellie Mae, a company that produces mortgage underwriting software. The average score for denied applications was 729.
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Cornerstone First Financial serves Washington DC, Maryland and Virginia. We specialize in home refinance loans, home equity loans, purchase loans and debt consolidation loans.
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