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Copyright 2011: Coastal Bend Home Builders | Custom Homes Texas. All Rights Reserved.
Secrets to getting a mortgage with so-so credit
Source CNN Money Juy 5, 2011
"The FHA is just about as free and easy as it was in the go-go days," said Gumbinger.
Standards for these loans, insured by the FHA and issued by regular mortgage lenders, are flexible and aimed at making mortgage borrowing easier, especially for working-class Americans.
For years, the FHA had no minimum credit score requirement at all. Now though, it requires a minimum of 580 to qualify for a 3.5%-down loan and 500 for a 10%-down mortgage.
In practice, however, some banks will impose higher standards, according to Scott Sheldon, a loan officer with First California Mortgage in Sonoma County, Calif.
"We FHA lenders have to protect ourselves and we've been going with a 640 minimum for a 3.5% mortgage," he said.
March’s HMI breakdown shows that builders expect sales to be brisk over the next few months. Projected Single-Family Sales is running at its highest level since May 2010 — right as the $8,000 federal homebuyer tax credit was ending.
Single-Family Sales : 17 (Unchanged from February)
Buyer Foot Traffic : 12 (Unchanged from January)
Projected Single-Family Sales : 27 (+2 from February)
For home buyers in San Diego and across the country , the March Housing Market Index may signal the end of “builder discounts” and free upgrades. As home sales increase, builders are often less likely to make concessions.
In conjuction with rising mortgage rates and new, mandatory loan costs, buying a newly-built home may never be as inexpensive as it is right now.
If you expect to buy a newly-built home this year, consider moving up your time frame. The longer you wait, the more it may cost you.
