Wednesday, July 16, 2008

Good news for buyers and sellers...

Even though there is turmoil in the financial markets, there are still loans to be had with small down payments. A buyer needs only 3% down for a conforming FHA loan and the seller can contribute up to 3% in closing costs. Other loans can be obtained with only 5% down.

And, interest rates are down a little bit. They are still fluctuating, but nobody expects much of a rise there over the next few weeks.

"Stated income" loans are also still possible. These are loans for people who don't get a regular paycheck, are self-employed, or small business owners, etc. A buyer needs 2 years' worth of tax returns and good credit to qualify.

So, if you need to buy a home now, you might find the lending possibilities to be broader than you thought.

2 comments:

  1. Anonymous1:35 PM

    Showing 2 years of tax returns isn't stated income..

    ReplyDelete
  2. Oops, my bad. You're right, anon, it's not.

    ReplyDelete