When it IS YOUR money, finances, Real estate and mortgages, get ALL the facts – do your homework!!!
There is an old saying … “if it bleeds it reads” … “if it smells it sells”. Well, in my opinion this philosophy must have been behind a recent news story that was produced and scheduled to air in anticipation of the anniversary of last year’s mortgage meltdown and credit crisis.
On September 15th, CBS News ran a story about how difficult it is to get approved for a mortgage loan today. They stated that only those with Fico scores above 700 and with enough money to put 20% as a down payment could get approved. They quoted statistics that only 1 in 2 loans ever get approved and fund … this story left anyone who was watching that very few people would be able to qualify for a mortgage and buy a home.
If you are looking for a new home and are working with an experienced mortgage professional who knows how to pre-underwrite and package your loan, you can be successful at getting your loan approved.
Maybe the folks over at CBS News have never heard about FHA Mortgage Financing where you can still purchase a home with only 3.5% down payment, where your fico score does NOT have to be 700 but rather a preferred score of 620 and … where loans are reviewed by FHA underwriter’s who understand that not everybody has perfect credit, and that people who have made mistakes in the past still deserve a shot at homeownership.
If you can fully document your income and have a modest amount of consumer debt, then you may very well be able to qualify for a mortgage loan. Don’t live your life and plan your future based on unfounded information … seek the advice of a qualified mortgage professional to get the true facts.
Home prices are very low, interest rates are at the lowest they have been in years, get the facts and decide for yourself if homeownership is in your future. For more information about how to qualify for a mortgage in today’s market CLICK HERE.