Mortgage Money Still Easily Accessible!
Contrary to rumor, mortgages are not that hard to find!
Homebuyers have returned to the market, and sales are increasing but too many are still sitting on the sidelines. There are First Time Homebuyers that would love to take advantage of the $8,000 Tax Credit but don’t think they can! Fear of the unknown keeps people from pursuing their dreams everyday. This is a real shame.
I have heard strange rumors like, “You need 20% down to buy right now, right?” or “You can’t get a mortgage without perfect credit!” These rumors are FALSE, and the truth has been buried beneath an avalanche of bad news. Let’s take a look at some facts about the current mortgage market in North and South Carolina…
- Credit score minimum for most home loans = 620 NOT 740 or even 700! 620 can qualify you for an FHA, USDA, VA or even some conventional mortgages!!
- Average 30 Year Rate = 5.08% last week (taken from Freddiemac.com)
- Down Payment Requirements are low! 3.5% for FHA, 0% for USDA, 0% for VA loans and only 5% for Conventional!
- Banks ARE LENDING! I can’t speak for other banks, but here at WR Starkey Mortgage we are closing loans in less than 3 weeks on average.
If you want to take advantage of the first time homebuyer tax credit you need to act NOW. The credit expires Dec. 1st of this year. You must be closing by that date, but there is still time if you start looking now. Start here by seeing what you can afford. For more information you can contact:
Olan Carder at 980-721-7478 or visit my website at www.LoansByOlan.com. Pre-approval is FREE!
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October 5th, 2009 at 12:58 am
Thanks for your portrayal of the true facts and the half-truths that have been spreading around in your post. It made me realize that I was one of many who believed the lies going around about “putting 20%” down and having a perfect credit rating.
October 22nd, 2009 at 7:07 pm
So how has the first time homeowners tax credit affected your clients? Are they taking advantage of it? Do you think that congress should extend it? The deadline is getting close!
It seems to me that it all depends on whether you can get a mortgage in the first place. Like you say, mortgages are out there to be found.
That is good news.
October 24th, 2009 at 7:23 am
Yeah i agree with you, i have read many rumors on this matter. Even i have heard lending standards are very strict and one needs to go through many formalities before getting the deal done. This is just because lenders want to be on the safer side.