Click continue for today’s Top 5. [Read more...]
First time home buyer? Three great loan programs.
December 23, 2008 By Leave a Comment
Thank you to Justin and Tammy McHood at the Arizona Mortgage Team for submitting this guest column.
If you are in the market to buy your first home, congratulations! In the ups and downs of the real estate cycle, we are currently in a buyers market because inventories are high and interest rates are low. One of the most common questions we get from first time home buyers is “what does it take to qualify for a loan?” and the answer to that question really depends on each individual situation.
In today’s market, the three most commonly used loan programs for first time home buyers are USDA loans, VA loans and FHA loans. [Read more...]
What FICO score do I need when going for a mortgage?
December 19, 2008 By 2 Comments
Earlier today I discussed how your FICO score works. The one questions I did not answer was what is a FICO score that you need to get a mortgage when buying a house.
Justin McHood of the Arizona Mortgage Team added a comment that discussed just that issue. Here is his comments for everyone.
Many times people I speak with ask me “what is the minimum FICO score that I can have and still get approved for a loan? In today’s mortgage world, many investors are requiring a minimum FICO score of 580 for a FHA loan – so if there is currently a “magic minimum FICO score”.. think “580.”
Thanks Justin. Justin and his wife Tammy are currently on our blog roll which you can find on the right side of this page.
