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Mortgage Tips

5 Tips for Homebuyers Seeking a Mortgage

Here´s a warning for potential borrowers: Nervous lenders have tough new rules and are paperwork crazy.
 
1. Down payments are critical. Borrowers should expect to put down
at least 10 percent for a "conforming loan" ? a mortgage that Fannie Mae and
Freddie Mac will purchase.

2. Credit scores count. A 720 on the 850-point FICO rating scale will get a
borrower access to the best rates. Rich Bira, branch manager of FCM Direct Lender
in Chicago, says: "A score between 720 and 739 gets 0.125 percent added to the rate,
a score between 700 and 719 gets 0.375 percent added to the rate, and a score
between 680 and 699 gets 0.5 percent added to the rate."

3. Consider VA and FHA. Borrowers without down payments or with less than
stellar credit scores should consider these government-insured loans offered
through the Federal Housing Administration of the Veterans Administration.

4. Unearth the records. Before applying, borrowers should organize tax, banking
and other records that prove income, savings and debts. They should also expect
to be patient about what may seem to be endless requests for information.

5. Get rid of debts. Limiting debts, including what borrowers expect to pay for
the mortgage, to less than 43 percent of gross income is important.

Source: Chicago Tribune, Mary Umberger (02/15/09)

Tax Credit at a Glance

$8,000 Home Buyer Tax Credit at a Glance

  • The tax credit is for first-time home buyers and those that have not owned a home in the past three years.
  • The tax credit does not have to be repaid if you stay in the home for 3 years.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

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Gail and Steve Vasquez

Accredited Buyers Representative, e-PRO, E-agent, REALTORS 

      
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