By Rich Schiffer, REALTOR, e-PRO
You have probably been hearing news stories that go something like this:
"Without perfect credit and 20% downpayment, no one can a mortgage today."
This is simply NOT TRUE.
Steve Madonna of Weichert Financial Services, for example, reports that they have many resources to obtain financing for most buyers. In fact, 11 out of 12 loans closed through Weichert Financial Services in the Media, Delaware County, PA office in September were with less than 20% down. (To contact Steve, call 610-566-2045)
Don't believe the media hype. Doom and gloom stories capture a broader audience, and help them sell more advertising. If they told the full story, they would loose thier audience, and their ad revenue.
- You don't need perfect credit. You do need good credit (Credit score of 620 or higher is preferable).
- You don't need 20% down. (3% will suffice in most cases, 10% for condos.)
Call your Realtor today to get the facts, not hype.
Rich Schiffer is a licensed real estate agent with Weichert Realtors, in their Media, PA office. He specializes in serving first-time home-buyers in Delaware County, PA, and the surrounding areas. For more information, email him at RSchiffer@weichert.com or call (610) 506-2663.
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Rich--Timely post! I have a friend that called the credit union two weeks ago regarding a refinance and was able to get everything done in days. No problem. Wouldn't have expected that could happen if I was relying on the newsreports for information.