WARNING: Home Loan Killers 1. Do not let anyone pull your credit except for loan officer. Your credit score can go down if they see multiple inquiries. 2. Do not make any major purchases. Wait until after you close on your home to buy a car, furniture, lawn mower, etc. 3. Do not charge on credit until you close on your home. 4. Don't spend all your cash. Save money for down payment, 3.5% on FHA Loans. 5. Don't put "unexplained money" in the bank. you can't borrow money for a down payment (only a gift) unusual deposits will cause red flags. 6. DON'T … (5 comments)
first time home buyers: Foreclosures, Short Sales and Auctions Oh My!
- 04/02/11 07:53 PM
A forclosured property is owned by the bank. There was a time when foreclosures needed too much work to be profitable. There are some foreclosures that are move in ready. They may need cleaning and a little paint but the foreclosures that I have seen lately do not need a lot of major repairs. There are more homes on the market than buyer's now so it is a buyer's market. Buyer's are able to purchase good homes at a lower price. Banks have a large amount of inventory they are trying to get rid of although sometimes it seems they should go … (1 comments)
;)
;)
