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Prepare for home buying season early


Prepare early for this years home buying season

There may never be a better market to be a home buyer than in the Spring of 2008. If you are a first time home buyer you could not enter into a better buyers market place, but you need to be better prepared than in years past as the lending landscape has dramatically changed in the past six months. The first step towards being prepared to buy a home this year is to find out what your credit score is, preferably using a service that provides you with all three of your credit scores as this is what most lenders will use. If you have a score below 680 then you will want to review to find out what you can do to improve this as it can make a significant change in your loan costs. The next step is to assess your down payment, with a number of the changes in the credit markets you will find it much more difficult to obtain zero down financing. If you have cash in a safe or deposit box, this needs to be deposited into your bank for a minimum of sixty days to satisfy most lenders underwriting conditions. If you are working with a minimal down payment, you may want to consider applying for a FHA mortgage. The inventory of homes you consider will probably include homes that are bank owned or going through a foreclosure process, be certain that these homes are mechanically sound and not in disrepair as your lenders appraisal may not satisfy underwriting guidelines. Once you negotiate your sales terms, make sure you leave some cash in your reserves for unexpected home repairs during the first 12 months you own the home.


1-30-2008 ? LoanNetwork.com





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