With credit tight and lenders fearful of lending, we have returned to the days when an underwriter acts as judge and determines your credit worthiness. Mortgage money is available. But it is only available to qualified buyers.
Here’s what you have to do to qualify.
• Prove you can make your payments.
• Have cash up front. For an FHA loan you need 3 1/2% down. The maximum loan is $271,050.
• Have a good FICO score (credit score). Scores range from 300 to 850. Whether or not you are considered credit worthy depends on your score. Above 720 you are considered a good risk.The amount of interest you pay and programs available to you are determined by your score. For a conventional loan if your credit score is above 740 you can find a loan for 10 % down if the ratio of your mortgage payment to your other fixed expenses is not considered too high. Otherwise, expect to put 20-30% down.
• Provide verification of your job history and income for the last two years.
• Show proof of liquid reserves. For qualified buyers today’s market is filled with opportunity.
Imagine a 3 bedroom home that has travertine floors, granite and stone counters, completely upgraded including windows and doors and is available for just $279,900! It qualifies for an FHA 31/2% down loan. You be the judge! See what is available! For more on qualifying go to “How to Buy a House in Today’s Market “at www.Welcome2FountainHills.com. or call me at 837-7000
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