I received several calls and was part of many conversations at the end of last year expressing concern about obtaining a home loan.  So many people were convinced by the negative news media that home loans had all but dried up for most of the country.  Rest assured this has not happened.  While there are those who still have trouble obtaining a loan, there are many people who qualify - and with a great rate!  Read the article below to see if it can help you in your efforts to buy that house you are wanting!  Then call me and we'll work together to get you there.

For Your Clients: 4 Tips to Getting a Loan
These days one of the biggest impediments to closing a real estate sale can be the buyer’s ability to get a mortgage.

Here are some tips for anyone who hopes to land a loan:
 

• Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These programs accept borrowers with lower credit scores and allow them to put down as little as 3.5 percent of the purchase price.

• Document, document, document. Borrowers will need bank statements, brokerage statements, W-2 forms and tax returns.

• Boost credit scores. Borrowers should avoid having more than one-third of their maximum borrowing capacity outstanding on one credit card. If necessary, rotate the debt among several cards.

• Work your connections. Comparison shopping is easy online, but if your customer has an established relationship with a local bank, suggest they try that lender first.

Source: BusinessWeek.com, Christopher Palmeri (01/23/09)