My New Blog

What a wild market we are experiencing.  Rates seem to change several times each day.  I think we have gone past the bottom of the market and we're at a new lower limit, with a rates ranging from 5.0% to 5.50%.

FHA is the current hot loan, requiring only 3.5% down payment and easier qualification.  All lenders are concerned about risk. So, if you have a good credit score, you'll get a better rate.  Don't be discouraged if you have some credit issues.  FHA allows for some minor derogatory accounts and there may be a way for you to improve your scores.  I know some "tricks of the trade".

Conventional loans are becoming more difficult to obtain unless you have at least 10% for a down payment.  I believe that we may soon see 20% down as the requirement because mortgage insurance companies may stop insuring loans.

Home prices are still low, making it a great time to buy. 

Good luck in your efforts to finance your purchase or refinance.  Money is still available.

Randy