Money is still available. The rules have changed for the better, the loans are a higher quality. Credit scores are critical because they affect your interest rate. It was that the interest rates are 6% for a 30 fixed blah blah blah and now main stream credit scores may be 6% but the lower your credit score the higher the interest rate. FHA has some programs for you that could even be 100% financing and if you are a vet then a VA loan could be a great choice. Something else you need to be aware of is if the apprasial comes back and it is noted that the home is in a declining market some loans will require an additional 5% downpayment. So if you wanted to apply for a 95% financing loan and the home is in a declining market you may need to put an additional 5% down.

Bottom line is money is available and requirements have changed for everybody's benefit. Good luck with your purchase because there are some GREAT buys out there.

Thu May 8 2008, 19:16

A couple lenders to look at are Bank of America's No Fee Mortgage Plus loan, and a Countrywide Home loan. Both programs only require 5% down. They both also do FHA loans that only need 3% down, but you pay a mortgage insurance for these loans. That made FHA more undesireable to me, so I'm going conventional with the BofA Mortgage No Fee Morg. +.

Tue May 6 2008, 23:03

Yes it is possible. Expert in these things.
Muriel Levin
Votre agent immobilier en Californie
muriellevin@coldwellbanker.com

Sun May 4 2008, 23:12

Your best shot is to inquire with a lender who is knowledgeable on FHA loans. The conventional loan route will mean you need at least 10% and a strong FICO score, the weaker the credit the higher the down payment and interest. FHA will pave the way to homeownership as long as it is an approved property. Work with a Realtor who has some knowledge of the FHA a process before falling in love with something that will not be approved.
Paul Cruz
www.lametrohome.com
310-498-4942

Wed Apr 30 2008, 17:53

Hi Chris,
As a real estate agent, I can only recommend to you that you speak with several lenders and begin the application for a loan. They will ultimately tell you what you can qualify for. Currently there are opportunities for buyers to obtain financing. Prices for purchasing homes may be "soft" but the requirements for obtaining a loan have never been harder. You need to take the relevant steps of meeting with a lender who will help you get qualified and tell you what you are qualified for.
Good luck on your journey,
Nancy Sanborn
The Sanborn Team
www.sanbornteam.com
310-777-2858

Wed Apr 30 2008, 16:33

Hi Chris,

Maggie is right, 5% down will enable you to do a conventional conforming loan, and FHA. I'd be happy to give you a referral to a direct lender I work with, I've closed many successful deal with him this year, just visit the link below for my contact info. If you can prove your income, and are open to the lender running your credit, you should be able to get an approval within one hour. It's very easy, free, and will put a lot of your conerns to rest.

Take care! - Robert

Wed Apr 30 2008, 16:01

Hello Chris!

You can certainly get a loan with as little as 3% down with FHA ! The limit is $729,000 for the home!

That's the great news for you!

Wed Apr 30 2008, 15:54