LAST SOLD FOR $365,000. FHA $6000 DOWN/VA $0 DOWNhttp://tours.vtshowcase.com/nopop/VTS119692 VIRTUAL TOUR
BEWARE: MORTGAGE MELTDOWN = CREDIT CRACKDOWN
If you are shopping for that great deal on a foreclosure or short sale make sure you stay in touch with your loan officer.
What you may not realize is the qualifications for a loan have changed drastically. Low & No down payment conventional loans, stated income loans, and Bridge loans have all gone away. Don’t embarrass yourself by putting in an offer and finding out you can no longer qualify for that loan you could get last month. And if you can qualify, don’t wait around until it changes again or the rates go up again and you are left out.
Recent changes in required down payments, income to debt ratios and other requirements along with the rates creeping upward have stopped some buyers in their track.
Each buyer’s case is different and only your loan officer can help you understand your position. If you are serious about buying, make your loan officer your best friend. Touch base weekly to stay informed.
http://www.deesmith.com/
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