16th Mar 2010
In July I was pre-approved for an FHA loan of 130K in Minnesota (which is more house than I need, I was looking mostly at homes around 115K). I decided to wait until this spring to pay off some credit card debt before buying. Now I'm worried that I won't be able to get a loan. I'm in Moorhead Minnesota and the housing market hasn't tanked here, my credit is not perfect but is above average. So how bad is it out there now and how bad will it get before April when my current lease is up. Alot depends on what bank you are dealing with. My brother is manager at Bank of America and nothing has slowed them down as far as loans. If anything they will want to see a bigger percentage down say 10% to 20% depending on credit. Of course I can't tell the future, and things might really tank or not before then. All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
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First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms. no problem if you have good credit . the banks are still openIf you have steady employment and you keep your credit up, you will still be able to qualify. Nobody knows what new things will happen between now and April, but that shouldn't change. The one thing that seems to have changed with FHA loans is that they are requiring a little bit more down - I think 3.5% instead of 3% down payment. I don't think that will jump too much more, if any, but you may want to start saving as much as you can now so that when April comes, you can put down a little more if necessary.
They are also changing laws regarding down payment assistance, so you may need to look a bit harder for those types of programs when the time comes, if you do need some assistance with closing costs and down payments.#If you have any other info about this subject , Please add it free.# |
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