ANSWERS: 3
  • Currently that is a big unknown. Banks are about ready or already have shut the doors on easy loans with low to no down payments.
  • With the market the way it is right now, you don't need any money down with just a decent credit score. (620) Especially if you're a first time buyer...
  • If you expect to get financing in a market whee banks no longer trust each other, you have to look as good as you can possibly look. May I suggest a 680+ median credit score, 5% to 10% down (3% will still get you an FHA ... if you are lucky), a solid job history of more than two years, and at least 3 or 4 months of cash reserves (a 401(k) will suffice) to show your ability to repay the debt. Phony baloney down payment assistance shell games expired on October 1st. You may be able to have the seller pay your closing costs, if you wrap them into your offer ... AND ... the house still appraises well. Good luck, while the funds still last.

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