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.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Showing 2 years of tax returns isn't stated income..
ReplyDeleteOops, my bad. You're right, anon, it's not.
ReplyDelete