Take Advantage of the Times

By
Mortgage and Lending with George Mason Mortgage, LLC.

All we read about are the negatives surrounding the lending industry.  It is nearly impossible not to focus on declining values, foreclosures, and short sales; especially those directly affected.  What needs not to be lost in these trying times is the record-low interest rates and affordable housing prices.  These factors make it an ideal time to purchase, whether it be a first-time home-buyer or the savvy investor. 

The qualification process has tightened and long gone are the days of 'stated income' and 'sub-prime' loans.  But, the current standards aren't too daunting.  As a rule,  a potential buyer in this market needs to hover around a 700 credit score.  Now, first-time homebuyers are the exception with FHA loans requiring scores as low as 580 with some lenders, but 640 in most cases.  Since the implosion and the tightening of guidelines, credit awareness amongst the masses is at an all-time high.  Meaning, those able to avoid short sales, foreclosures, and bankruptcies either have a solid credit score or it is climbing. 

Take advantage of your local mortgage banker and obtain a free pre-approval to see if buying is an option.  A 30 minute conversation could provide the path from renting to owning, or lead to a great investment opportunity. 

Comments (1)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Great advice. I have my entire data base on regular monthly email system and always let them know what is going on with mortgages, rate and anything related. Works very well.

Sep 29, 2011 09:13 AM