If you are in the market to buy a home in 2010, you might find it quite a bit tougher than previous years. The banks are not lending to buyers with low credit scores and no down payment money. I hear realtors complaining all the time about this, but that is the current market. It only makes sense to lend to those whom are creditworthy. Our financial mess was the result of bad lending to begin with. Here are the current credit and down-payment requirements as of 4-07-2010. This all could change in a matter of months though.
FHA Mortgage Loan:
- 620 Credit Score
- 3.5% down payment
- 3 lines of credit reporting in good standing for the last 12 months
Conventional Mortgage Loans:
- 660 Credit Score
- 5% down payment
- Typically no collections
This is just a bird’s eye view of what mortgage companies are requiring to get you financed in today’s lending market. Everyone is always looking for a miracle and I promise you there are none in 2010.
If you find that your credit scores are too low to get financing, you can use our self help credit repair guide. This guide works if you follow it and actually do what is says. Free Credit Repair. I promise, if you follow this Free Credit Repair guide, you will get your scores up. With my background of helping lots of families get there scores up so I can get them financed, I know what works. When I say Free Credit Repair, there is no fee from us for this advice, but it does cost money to negotiate your collections and charge offs. Keep this in mind; if you don’t have any money to fix your credit report, then no one can help you anyways.
Good Luck.
Mike Clover
