There is plenty of money available for financing a home. However, unlike the "sub prime" loans of 3 or 4 years ago, today's loans actually require you to be qualified to make the purchase.
Do you have a job?
Do you have money for a down payment?
Do you have good credit?
If you have all of these qualifications, then the chances are good that you can indeed buy a home.
The Job Requirement: You should have a steady income, and have worked for the same employer for a number of years.
The Down Payment: An FHA loan will require a minimum of 3.5% down payment. The higher your down payment, the lower your monthly mortgage payment will be.
Good Credit: A credit score of 680 and higher may be necessary for a conventional loan. FHA loans may allow you to qualify for a loan even if your FICO scores are not that high.
Interest rates for a well-qualified buyer are hovering around 5% for a conventional loan. These rates are historically low!
Between the low interest rates and the low home prices we are seeing today, NOW is one of the best times to buy a home.
Are you thinking of buying? Contact me today! I have a great lender that can get you the loan you need to proceed.
-Blog End-
Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603
DRE License # 01788371
Phone: (562) 639-9400
Email: bob@willisrealtor.com
Search for your new home online at http://myhome.listingbook.com
Learn more about Whittier real estate at http://www.WhittierWelcomesYou.com.
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