While a good credit score is more important than ever in qualifying for a mortgage, those who have excelled are in an excellent time to reap the benefits of paying their bills on time!
With interests around 5%, lenders are busier than ever. That means many people are either buying or refinancing. If you own a home right now and your area is still suffering from a decrease in property values, you still might want to consider keeping that home and renting it out! While lenders won't use 100% of your rental income in qualifying for a mortgage on your new home. the amount may improve your qualifying ratios. The best way to find out is to call a good lender today. If you don't know one, your local Realtor will!
There are such deals out there right now. Prices on some homes dropping $30-100K at one pop! I'm showing a buyer some today, and will keep you posted on the outcome!
Happy real estate buying!
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