This week alone I ran into 3 people who said they wish they could purchase a home and take advantage of 8 thousand dollar tax credit. I asked them, "why can't you?" I do not have a good score.
Red Flags need to go up......If that is the case follow up and ask them this question who said you have a bad credit score, you or did a real person that you can touch and sat down in their office and tell you that?
Ladies and gentleman our potential custmers listen to the negative media. Watching the news, reading the newspaper, magazines and internet, those things are hurting us everyday.
Our pontential buyers feel they can not do it because of what they hear. We need to educate them on what is out here. Here is a something I received last night on one of my blogs that might help you share with some of your potential buyers.
This is the perfect time for 1st time homebuyers. In my opinion, the best time in history since home prices are low, interest rates are low and there are still low or no downpayment options. PLUS, the new homebuyer tax credit up to $8,000 that now does not have to be repaid. Please have your buyers talk to their accountants about this since I am not allowed to give tax advice.
I am still hearing realtors and buyers who think that USDA/rural 100% loans are no longer available. We are one of the top ten USDA lenders in the country still and we are still closing them. Although credit score minimums have gone to 620 for FHA, USDA will still allow scores under 580 with strong compensating factors. These have to be "manually underwritten" by a real underwriter, not only at our office (we have 6 now) but also by the USDA. To check for property and income eligibility, go to
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?Home
FHA loan limits went back up after a brief period and are at the same limits as the last part of 2008. To look them up by county/state, go to https://entp.hud.gov/idapp/html/hicostlook.cfm
well I hope this helps and gets some buyer agency contracts signed!!!
Talk to you later
Brock
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