In the wake of the recent market turmoil, I've been asked this question more than once. People with good credit can get loans. If they are getting a conventional loan, their down payment requirement is likely to be higher than it might have been tow years ago. A buyer with good credit and 10-20 percent down should not have any problems
Based on the appraisal and the buyer's credit score, it may be possible to put as little as 5 percent down on a conforming conventional loan.
FHA loans have seen a big resurgence, largely because it is possible to put as little as 3-3.5 percent down on a conforming conventional loan. The maximum FHA in our area is approximately $417,500.
Interest rates remain favorable and steady, held down by the weak economy. Some observers believe there is no way interest rates can remain low as the US Treasury has to offer a competitive rate to bring in buyers of US debt, which has passed $11 trillion dollars.
To be sure of your ability to get a loan, the best thing you can do is check with a reputable lender and work with a loan originator to determine is you qualify and what loan is best for you and your family. Check with your local lender, there any many in the Nashville area.
The Jane Campbell Team
615-596-0169
www.janecampbell.com
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it's funny.
I think alot of people have become used to how "loose" the lender requirements used to be and so now they complain that it's too difficult to get a loan.
But it's that "loose" approach that got us into this mess.