Slaying Myths About Buying a Home
This post is designed for those folks who still think they need an 800 credit score and 20% down to buy either that first house or to make that move up buy.
As you can see below, the actual requirements are a lot lower than that.
Now, is that a good thing or a bad thing? The answer, in my view is Yes.
How can that be you ask?
It is good in that credit worthy buyers can get into the market for what is historically a low investment.
It might turn out to be bad in the sense that it could be a pre cursor to mortgage money getting way too easy again and leading us to another bubble. I do not think we are there yet, but there are some troublesome signs.
For example, check this link our for a 1% down home mortgage offer from Quicken Loans. Makes me shiver.
- Interest Rates are still below historic numbers.
- 88% of property managers raised their rent in the last 12 months!
- Credit score requirements to be approved for a mortgage continue to fall.
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