We got an e-mail yesterday and many of the types of loans that we are all accustomed to seeing are no longer as easy to get. There appears to be limited 100% loans and especially for those with borderline credit scores. If you have excellent credit and have some money to put down, you should be OK.
Just don't expect (1) no money down, (2) 90-100% loan AND a great interest rate. You can probably get ONE or TWO, but not all three of these.
It's still and EXCELLENT time to buy. Check with Coldwell Banker or another reputable lender and check on what kind of loan that you can get.
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With the new PMI rules in effect, it is even harder to get qualified if your low on cash. If you are under a 680 scxore, you are very limited to what you can qualify for.
It has been that way for a while now. Also as Susan mentioned above with the new PMI rules kicking in ii is not going to get better anytime soon,
Absolutely true. we are seeing this now with first time buyers who are not aware that things are a lot tighter!
Your Friend in Charlottesville!
Al is right on. We do still have 100% (several choices) and the rates are still fair but that could all change over night. The problem, mostly, is Radian and MGIC. Radian just labeled the entire state of Georgia a "declining market" which includes Roswell for Pete's sake. Wrong. The problem is not Georgia ... it's Radian and their internal issues. MGIC just labeled Cobb County a declining market. Haha! That's stupid. One of the richest least debt encumbered counties in the nation declining. That's a good way to not get loan. However, with rates in the FOURS today on fixed 15's at 80% that's where I'd rather be anyway.
Hi Al, first time buyers are begining to realize the fact that they need to save first.
Well, yep, things have tightened up with mortgages here in FL, too, as we are almost completely a declining market. So, that makes conventional loan Buyers need at least 5% down (or more) and condo conventional loan Buyers need at least 15% or 20% down payment. BUT, FHA just upped their loan limits ($353K-ish for the counties I sell in), so first-time Buyers are doing okay here, especially with AmeriDream.com and Nehemiah (getdownpayment.com). Lower-end homes are selling (and usually pretty quickly!) with FHA loans.
I just completed my first Nehemiah transaction. We got the Seller to pay $10,000 towards Buyers' down payment and closing costs AND the Buyer received their $1,000 escrow BACK at the closing celebration, neat as you please. Thank goodness for these national down payment assistance programs b/c Orange and Seminole counties are out of money to help first-timers. :) Good luck.
The people in higher price ranges already understand the need to have a good down payment for another home, so high-end homes are still selling here.