Tuesday, July 8, 2008

How do I get ready for a loan?

Real Estate 411 - TIPS on applying for a mortgage

- First and foremost get your credit in order! Most lenders require at least a 580 credit score. Go online and check your credit score at www.freecreditreport.com.

- Be prepared to make a down payment: Minimum of 3% for FHA loans and minimum of 5% for conventional loans...and remember, if you don't have the funds for a down payment there are options. Ask your real estate agent or mortgage loan officer to give you more information on down payment assistance.

2-Minute 411 with Jim Fite

Jim Fite shares his thoughts on MISSION POSSIBLE: Loans are happening!

"Think outside the box". When it comes to getting financing, you must think outside the box. Owner-financed is an often overlooked yet viable option for financing. There can be situations when it is financially advantageous to the seller to finance the home (age, retirement, tax consequences). When the owner is financing, they can finance the full amount or just the down payment.

"Just remember, there are many ways to finance a home: FHA, VA, Bridge Loan, Bank Financed Loan, Cash, Conventional loans, and owner-financed. See your real estate agent or your mortgage loan officer to find out what best suits your situation."