Home loans, are they out there?
If you are one of the many people out there who think financing is not available in today’s market, you are not alone. There is some good news though. There is financing out there. Of course, the media does not want anybody know this information because they profit on fear and distress. Some programs, such as FHA and VA are still available for borrowers. FHA is a great program to finance a home with a credit score as low as 580. The FHA program will require a down payment of 3.5%. This amount would equal to $3,500.00 per $100,000.00. This is a small percentage required in comparison to conventional financing. Where conventional financing requires 10% to 20% down. VA still offers 100% financing programs with the right credit score. With the housing market in the downturn, today is the time to buy. Waiting until the upturn can cost a buyer thousands of dollars, versus gaining thousands in the upturn. So, while the media is busy trying to scare everyone, interview several mortgage people, without providing sensitive information such as your social security number, to find out who you want to work with. Get qualified, interview, and find a good real estate agent. Go house hunting and work with your mortgage advisor,, realtor, and title person to close on your home. You will surely enjoy the American dream of being a homeowner.
Loading ...
