Sometimes You Feel Like a B, Sometimes You Don't

Sometimes you feel like a B, sometimes you don't....

We have a local newspaper here in St. Cloud, Minnesota, and my office subscribes; so I get a chance most days to peruse the news the old fashioned way. I also listen to the radio, go online, and watch television on a regular basis. Always looking for Real Estate related stories, surveys, and statistics. What I find much of the time is inacurate, generalized, or region specific data being reprinted from wire services.

The #1 media myth is the lack of funds in the mortgage industry, and the difficulty in acquiring financing as reported in the media. Let me say, if you are trying to open a store or factory, you are going to have a job on your hands. But, if you want to buy a single family residence, you may find the process to be surprisingly easy. There is money to lend and the banks are lending. True; there is a good amount of paperwork, and there are hurdles set higher in the last couple of years. But if your work and income are stable, and if your credit score is at or above 620*, you may have a pretty smooth process. If you are self employed you will have a greater job verifying income and job experience. Are you a Buyer?

*Credit score minimum for FHA financing.

If your credit score is low, or if you have negative entries on your credit report, you may need to do some credit repair work, like writing letters to the credit bureaus, etc. If you have been through a bankruptsy 3 years previous, you still may qualify for an FHA loan. Minimum down payment on an FHA loan is 3.5% of the purchase price, and the Seller may contribute to your closing costs. If you are a military veteran you may be even better off, as VA Financing can be quite inexpensive, and available through most lenders.

Now may be the time to find out if you are a Buyer. While home values have stabalized in many markets, interest rates have begun to rise, and that will decrease affordability for most people. If you want to find out if the time is right for you, it's easy and free to consult with a REALTOR, and to get pre-approved for financing. Call your local REALTOR today and schedule an appointment. If you are in the Central Minnesota area give me a call, and I will help you either be a Buyer, or become a Buyer.

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