firsttime buyers: It is still possible for First Time Homebuyer's to Purchase
- 04/09/08 04:02 AM
So many first time homeowners are discourgaged by the news reports stating that the mortgage money is not so readily available. While 100% mortgages have certainly gone by the wayside unless your credit score is up over 720, there are still some great mortgages out there. Rates for FHA loans are still in the 5's as are CHFA loans. These loans require 3% hard money from the borrower and there are conventional loans that require just 5%. With prices down, there are deals to be made. Also, closing costs in many cases can be covered by the Seller. Buyer's should not … (0 comments)
So many first time homeowners are discourgaged by the news reports stating that the mortgage money is not so readily available. While 100% mortgages have certainly gone by the wayside unless your credit score is up over 720, there are still some great mortgages out there. Rates for FHA loans are still in the 5's as are CHFA loans. These loans require 3% hard money from the borrower and there are conventional loans that require just 5%. With prices down, there are deals to be made. Also, closing costs in many cases can be covered by the Seller. Buyer's should not … (0 comments)
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