Real Estate in Northeast Florida and Around the World

To listen to the media, one would think that there is absolutely no money available for buying a house, or if money is available, a huge down payment is required and/or a credit score above 750.

The truth is, there is money available for many home buyers, and in many cases, even with minimal down payments and lower credit scores.  True, guidelines have tightened when compared to guidelines in 2005 - but then again, they needed to.  And, if you are in a "jumbo" category, or looking for condominium financing, it may be a bit more difficult.  However, for the average home buyer looking for financing of $417,000 or less, there is money available, at very good interest rates. For loans above $417,000, money is available, but down payment requirements and interest rates will be a bit less attractive, but still very reasonable.

The fact is, lenders are loaning money the old fashioned way - based on the three "C's" of credit.  The buyer should demonstrate the capacity to repay the debt (have a job/income), the creditworthiness to repay the debt (satisfactory credit history) and the collateral to back up the debt should an unfortunate and unexpected situation arise where the buyer cannot repay the debt.  Capacity, Creditworthiness and Collateral are the 3 "C's", and are very much back in demand in the lending front.

Rather than listening to all of the talking heads on the TV and radio spew conjecture, talk to a mortgage professional and get the facts, based on your situation.  Make informed decisions - talk to the professionals in the business and get accurate information.  And don't just talk to one - talk to several, because there are many different programs, terms and features. Find the best fit for you!  And should there be concerns with your ability to gain financing, your mortgage professional is the best counselor as to what you can do to improve your financing options.

I hope you find this information valuable.  See you around the neighborhood!