What a bright and cheery day in Wisconsin! Hope everyone made it home safely if you drove Wednesday. I stayed home.
If you or anyone you know is holding off on buying a home, my advice is DON'T WAIT!
It's going to get tougher before they ease up on guidelines. The mortgage guidelines are still tightening, shutting buyers out who may have qualified a month ago. Minimum credit scores on FHA loans with me have gone from 620 up to 640 and some lenders are requiring 670.
Waiting is not a good idea these days if buying is in your future. You could qualify for a loan one day and the next you're out of luck! FHA guidelines, which had been the same for years and years are changing fast like other loans.
All aspects of loans are being looked an analyzed to find reasons not to loan. Get in and see your mortgage lender today (I'd love to be your mortgage lender). If you plan on taking advantage of the stimulus money, you need to have your offer to purchase a home accepted by the end of April and close by the end of June. I wouldn't push it to the last day, as it's getting harder and harder to get a loan closed fast. Don't wait - Rates are awesome, and you may qualify for a tax credit of $8,000 if you haven't owned a home in 3 years, or $6,500 if you have owned and occupied a home for 5 of the last 8 years. Call me today, 608-498-1959.
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