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Be Careful Who You Listen Too!

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Mortgage and Lending with First Time Home Buyers, Pre-approvals, Fixed Rates 172223

I read something yesterday that suggested Realtors and Lenders not "waste their time" with home buyers with less then a 720 credit score!  Whoa, I truly hope that this is NOT the advice you are getting and certainly not the advice that you are passing on to your clients.  Yes, its true that Sub-Prime loans are not what they used to be, and a lot of buyers that we could have qualified in the past, would not qualify today.  But there are still loans out there available to buyers with less then perfect credit to buy with zero money down.  I know that our office here in Nashville, TN is STILL doing the majority of our purchase loans for ZERO DOWN. FHA loans are NOT score driven and allow a buyer to finance 97% of their purchase price.  With a 3% Down Payment Assistance Program and seller paying the closing costs, those clients can still do a no money down purchase! 

 

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Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow
Yikes, I hope that is not true to, that would wipe out a lot of people who have still a decent score at 680.
Apr 15, 2008 02:40 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Not only would we be eliminating many people who can and want to buy, but all those folks who with just a little guidance will be able to buy down the road. Got to keep that pipeline full! :-)

Apr 15, 2008 02:42 AM
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Chad;

I agree with you, there are still programmes still available for buyers with less than 720 scores.

Apr 15, 2008 03:04 AM