Your best rates are for loans that do not exceed 80% of value. But, you can still get 95% financing at decent rates with a 700 credit score. Or, you can go FHA 96.5%, and outside of Dallas in Rockwall you can get a USDA 100% loan.
Yes, in addition to the Federal tax credit available there are down payment assistance and other grant or subsidy programs available. Just ask your loan officer.
A high debt-to-income ratio (DTI) is not easily cured, but your debts have to be examined for timing of payoff. If you have a large car payment with a couple of years yet to run, paying it off may be your best bet. Ask your loan officer what the alternatives are.
Paying off debts can help you, but it does reduce your cash. You might want to use that cash for items for the house or improvements to the new house.
You may contact me through my profile for more information.
I am an independent Real Estate Broker with an office in Rockwall. My husband is a Real Estate attorney/realtor officing with me.
Lucy, in most cases I can represent you in your home search. Most agents in a large office will not always be able to do so. Ask me why it is so important.
I invite you to stop by so we can discuss your situation. I am just off of I-30 and Ridge Road.
If you are a 1st time home buyer, there is a tax credit of up to $8000. You will not get that money now, however, when you file your 2009 income taxes you may claim it then. You could use that money to help pay down your debt. Just a thought.
Regardless, Lucy, interest rates are at historic lows, and the prices in Rockwall County are the best they have been in years. If you have a secure job, I would think this is the time to buy.
I am a real estate broker in Rockwall just off of I-30 and Ridge Road. I'd be glad to help you further! You may reach me at 972 771-6677.
With all of that data, they can tell you what the best course of action is... As we have the ability to simulate some things in the loan software.
The credit criteria is definitely getting stricter on loaning money. Your best bet is to obtain the help of a mortgage professional to guide you in the right direction.
Jackie - email@example.com
Please do not hesitate to call
Your question is a good one and well timed.
Lenders are indeed subscribing to new and more stringent guidelines for making loans. There is however, money available for borrowers. The days of stated income and zero deposit are long gone. Banks are looking a employment history, established good credit, money for a significant deposit, savings etc when considering makin loans to people.
Our recommendation is to consider an FHA loan where the deposit is currently at 3.5 percent of the sale price.