Credit Score of 500 is now OK for FHA.
Starting with Wells Fargo, and followed closely behind by the other major banks, 500 to 579 is now an acceptable credit score to obtain a government backed loan. FHA commissioner David Stern-upon pressure from some members of congress, and of course the formative National Association of Realtors has decided to make the change. Soon after the debacle of '08 which threw the economy into a tail spin, Freddie and Fanny required the major banks to only lend to borrowers with at least a F.I.C.O. score of 650. Many argued that the bank's credit policies were a knee jerk reaction and were restricting an already sluggish market by as much as twenty percent. Under the new guidelines, banks can loan to borrowers with a score as low as 500. Now these prospective homeowners must have at least ten percent down, and funds gifted to them or any other sort of down payment assistance is prohibited. Scores from 580 to 599 can get a loan with five percent down, and anyone over 600 can get the conventional FHA down payment of 3.5.
More Than Ever It Is Now Cheaper to Buy Then Rent.
According to Trulia, buying a home in the United States makes more sense then renting in over half of the country, and in almost three-quarters of the metro areas. With mortgage rates as low as they are, and the supply outweighing the demand four or five to one, it has never been a better time to buy a home. Even after World War Two when houses were being built like hotcakes, the ratio of income to mortgage payments were not as low as they are in 2012. To put it simply-in the history of this country it has never been more affordable to own a home. Now some are still leery, thinking the market will go lower, but it reminds me of a story คอนโดมือสอง my economics professor used to tell us. Do the cliff divers of Acapulco jump when they see water of when they see rocks?
5,000 Grant for First Time Military Buyers
Whether you are an active duty personnel, a veteran, a retired member of any of the armed forces, or an employee of the U.S. Department of Defense and the Department of Homeland Security, you are eligible to apply for a 5K grant that goes towards a down payment and closing costs. As long as it is your first home purchase, the national Pentagon Credit Union Foundation is offering this grant. Just ask any local lender about this program. They will be able to assist you further.
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