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You should probably check with your insurance agent to see if your current policy would cover possible incidents.
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There is a little-known provision in the tax code that allows homeowners to rent their principal residence or second home for up to 14 days a year without having to recognize the income.People can be approved for mortgages with lower credit scores but it could increase the interest rate charged.
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Approximately, 70% of mortgages in 2020 were to borrowers with credit scores of 760 or higher.These components are used to determine if the median income family can qualify for a mortgage on a typical home.
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The National Association of REALTORS® affordability index at 100 indicates a typical family could qualify for a mortgage loan on a typical home; the higher the index, the more affordable.Additional info can be found in Publication 936 on IRS.gov or contact your tax professional.
There can always be exceptions and the best thing is to talk to a local, trusted mortgage professional. I'd be happy to recommend one in our area.
Average FICO Scores for Homebuyers
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¾ of people with credit scores of >750 went conventional. 92% with scores >700 went conventional. 85% of people with scores < 700 went FHA.