It seems you can’t turn on the T.V. without hearing how bad the economy is. I know I’ve heard about how there is a “credit freeze” and that we, as consumers, will feel the brunt of it. I’ve heard that we won’t be able to get car loans, pull money out of the ATM, get credit, or get a Mortgage on a home. I can’t speak about getting a car or applying for a credit card, but I have been able to get cash out of my ATM. Also, and more importantly to my industry, banks are still buying mortgages. As a matter of fact, Fairway Mortgage (www.fairwayindy.com) has not experienced any changes whatsoever. It’s business as usual.
You know the saying, “Believe half of what you see and nothing of what you hear”? It certainly rings true right now. You do NOT have to have a 20% down payment or a 700+ credit score to get a mortgage. We still have lenders that will lend 97% (FHA) up to a loan amount of $271,000 with a credit score of 550 or higher. Now, not everyone is going to qualify and lenders have tightened up a bit, but that has occurred over the last year, not the last two weeks. The simple fact is this: if you pay your bills and have enough income/assets to qualify for a home, you will get your new house!!
If you would like to know how much home you qualify for, please give me a call at 317-657-8242 or e-mail me at ericm@fairwaymc.com for a free consultation and free credit report.
Date: Friday, October, 10th 2008 @ 07:55:25 AM
Views: 823
This blog entry currently has 2 comments posted.
Home Loans
I loved this post and the attitude.Im quite convinced about the truth of the quotation "Believe half of what you see and nothing of what you hear"..great post!!!
Posted on 2008-12-30 05:47:56
Curtis Reddehase
That is the right attitude. I have noticed that the world works much in the same way for those of us who are working. It does not work in the same way for those who are focused on the problems at hand
Posted on 2008-10-11 15:34:30