Q. There are some fabulous bargains in our area and, with low mortgage rates, we are seriously thinking about buying our first home. What are we going to need to do?

A. The days of no money down financing are almost gone for now in many geographical areas labeled as high risk.  There still are low downpayment options available.  FHA financing is one, especially this year, with the new temporary limits in effect.  Another option is a loan that fits within the Fannie Mae and Freddie Mac guidelines.  To qualify for the best deal, you will want to be a “prime” borrower, which these days means having a credit score of 680 or more.  Making sure your credit report is accurate is of paramount importance.
© 2007, Real Estate Information Services, Capitol Assets, Choice Real Estate, Inc. & Choice Real Estate of VA, Inc., & Choice Finance®

Alex Echeandia, Loan Officer

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