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So you have a big down payment, but hows your credit?

By
Mortgage and Lending

In a new era of tight credit big down payments, and reserve funds do not guarantee that you will qualify for a mortgage.  Now more than any time in recent history credit scores matter.  20% down payment requires a credit score of at least 620.  Previously it had been 580.  In addition if your monthly liabilities are more than 43% of your gross income you will be inelligible for a mortgage.  Most if not all banks have adopted these new standards.

The higher standards are limiting those who can take advantage of the low home prices, low interest rates, and the tax credit.

 

Comments (2)

The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, simply follow these steps:

1. At the very bottom of this comment click "Omaha Real Estate & Omaha Homes for Sale - The Trumm Team (Alliance Real Estate)" which will take you to my profile.

2. Click My Blog

3. On the right hand side click the Tags dropdown menu and select "Welcome to Active Rain"

This will take you to my blog on how to get the most out of ActiveRain.

If you ever have any questions, just let me know.

Troy Trumm, Trumm Team - 402-943-9494, Omaha NE

Omaha Homes For Sale

Omaha Real Estate

Dec 19, 2009 12:32 AM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to Active Rain and congratulations on your first post.  It looks like you're off to a great start.  We hope you enjoy A/R as much as we do.  There are many opportunities to share your knowledge and learn from others. Take care, Yvette & Dennis

Dec 20, 2009 12:30 AM