Buying a home in this down economy can be a plus for immediate equity!
I am selling real estate in the DFW Texas area where homes have dropped but are not crashing in my opinion.

Many loan rules and guidelines for FHA,VA and Conventional loans are changing rapidly.

Make sure you find an experienced loan officer. Not a loan online that will just give you rates and what appears to be online to be the best deal. In our current lending market it is so important to find a reputable loan officer backed by a solid company.

Finding a good real estate agent is essential as well. The realtor should be able to refer you several loan officers for you to interview which will give you options for lending and obtaining a competitive rate and loan fees.

You may also see if you are selling and buying real estate if your realtor has a move up or downsizing program which may save you money!

These are just my thoughts and opinions! Have a Prosperous 2009!


Sincerely,

Suzy Britz
RE/MAX DFW
Flower Mound, Texas
Coppell, Texas
Plano, Texas
Frisco, Texas http://www.myhomedfw.com
suzyb@rmdfw.com

hi.......debt ratio needs to be addressed.....useable income and debts......best to buy fha or conventional?..and some imput from you on how much you would feel comfortable paying every month....then we can come up with a target sales price......hope that helps....bob mcclure.....

Hi Clifton,
It depends on your income and also your monthly debts on your credit report (car payment, credit cards, student loans, etc). Also, it depends on how much of a down payment you have

A general rule of thumb is that the house payment (including taxes and insurance) PLUS your other monthly debts should not exceed about 41% of your gross pre-tax income. You may be able to exceed this slightly if there are some compensating factors such as a larger down payment or a lot of money in reserves.

Your best bet is to speak to a reputable lender and have them pre-qualify you. That way you're not walking around with your eyes closed and if you find the right home you'll know you can get the loan.

Feel free to give me a call at 800-340-0518 ext 5511. I am based in Michigan but I can offer a mortgage wherever you are

Tony

Clifton,

Your credit score is one part of getting a mortgage. Your income is another important part. Without knowing your income and other aspects of your finances, nobody could answer your questions. You will need to speak with a mortgage lender to get a better sense of how much you will qualify for.

If you need someone to talk to, let me know.

Best of luck.