The media makes it sound like nothing is selling, no one is buying and even if they wanted to buy no one can get a loan!  I know it is hard to sort thru all of the financial news these days and I know a lot of people are wondering what the "credit freeze" is and how it affects them. 

A credit freeze exists when banks are unwilling to lend to each other because they don't trust each other.  Their attitude is this: if I, as the owner of a bank, lend to you, the owner of a different bank, will you be able to pay me back?  The answer for most banks is a resounding NO.  They don't trust each other, so they won't lend money to each other.

However, that has no affect on their willingness to lend to individuals looking for mortgages.  There are hundreds of different loan programs available, but the bottom line is this: if a buyer has a 580 credit score, has paid all their bills on time for the past year, and has 3% down, they will have very little problem getting a 30-year fixed-rate mortgage with no prepayment penalty for a primary residence.  With a credit score below 580, it gets more difficult, but it's not impossible. 

The loans available today are full doc loans - employment, income, and assets must be documented.

Yes things have changed and yes there are a few more hoops to jump thru but YOU can get a mortgage loan.

Call me and let's talk - I can help! 

Susan