Buying with no (or pending) sale - Fannie Mae foreclosures - 640 credit score - Perfect credit habits

Is this a good time to buy? The answer is probably "yes".
If you need to sell, than you have a small problem :) But maybe not. If you plan to upgrade, or make an investment, the time to do it is in a weak market. Maybe you could do this without selling first. Below is some useful information. Contact me if you want me to help you consider your options. /// The minimum credit score for mainstream type loans is now 640. See perfect credit habits. Best... Paul

Renting out/buying without sale of current home
Renting out your current home and buying another may not be a bad idea. Or, a property can remain for sale, or there may be a sale pending. Here are some of the underwriting criteria that apply. And here are some of the current rules that apply to investment financing.

HomePath and current incentives
HomePath is the Fannie Mae channel for the sale of repossessed homes. Prospect Mortgage is a designated lender. HomePath financing is available for owner-occupied and investment purposes. You can buy with as little as 3% down, and there is a current incentive of 3.5% of the purchase price - available through December 31, 2010. Check the details.

Minimum credit score is now 640
The minimum credit score for mainstream loans is now 640, and you need 720 for the best rates. I can still assist with scores in the mid-500 range with various credit improvement techniques and programs. It is not expensive and substantial results can often be obtained in less than a week. Credit improvement is also "fickle business", and each situation is different. Doing the wrong things (this could include paying off old debts, or closing accounts) can drastically reduce your score.

Perfect credit habits
By sticking to the following simple credit habits you will optimize your credit score and profile over time: