Advice for Homebuyers: Turn Off Your TV

Real Estate Agent

By Rich Schiffer, REALTOR, e-PRO

You have probably been hearing news stories that go something like this:

"Without perfect credit and 20% downpayment, no one can a mortgage today."  

This is simply NOT TRUE.  

Steve Madonna of Weichert Financial Services, for example, reports that they have many resources to obtain financing for most buyers. In fact, 11 out of 12 loans closed through Weichert Financial Services in the Media, Delaware County, PA office in September were with less than 20% down.  (To contact Steve, call 610-566-2045)

Don't believe the media hype.  Doom and gloom stories capture a broader audience, and help them sell more advertising.  If they told the full story, they would loose thier audience, and their ad revenue.

  • You don't need perfect credit.  You do need good credit (Credit score of 620 or higher is preferable).
  • You don't need 20% down.  (3% will suffice in most cases, 10% for condos.)

Call your Realtor today to get the facts, not hype. 

Rich Schiffer is a licensed real estate agent with Weichert Realtors, in their Media, PA office.  He specializes in serving first-time home-buyers in Delaware County, PA, and the surrounding areas.  For more information, email him at or call (610) 506-2663.


Comments (4)

Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Rich--Timely post! I have a friend that called the credit union two weeks ago regarding a refinance and was able to get everything done in days. No problem. Wouldn't have expected that could happen if I was relying on the newsreports for information.

Oct 02, 2008 02:57 AM
Greg Dallaire
Dallaire Realty - Green Bay, WI
Green Bay Homes

Rich- Thanks for spreading the positive word on the truth!  Keep up the great work

Oct 09, 2008 02:50 AM
Rich Schiffer
Swarthmore, PA
Referral Agent, e-PRO

Terri -- Don't you wish there was a "Truth in Reporting" requirement, just as there is a "Truth in Lending" reqirement?  I am beginning to feel that half of my job is to undo the damage that the media creates with one-sided reporting designed to maximize viewership and sell advertising time.

Greg -- Thanks for taking the time to read.  Now spread the word.  Tell your consumers what they really need to hear -- the TRUTH!


Oct 09, 2008 03:00 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

This is great advice Rich. I have seen purchases closed with less than perfect credit with 5 and 10% down too.

Oct 10, 2008 07:08 AM