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Old 09-22-2008, 04:49 PM
 
7 posts, read 44,466 times
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Just a quick question, but the $250,000 one: what is the mortgage situation like right now in Ft. Wayne? Is anyone lending? With how much down with exc. credit? Does anyone have 0%, 5% down?

It used to be here in AZ, we had $0 down mortgages with 750+ credit. I think those days are long gone?
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Old 09-23-2008, 09:52 AM
 
Location: Turn Left at Greenland
17,764 posts, read 39,734,665 times
Reputation: 8253
Quote:
Originally Posted by Tinkerbellmom View Post
Just a quick question, but the $250,000 one: what is the mortgage situation like right now in Ft. Wayne? Is anyone lending? With how much down with exc. credit? Does anyone have 0%, 5% down?

It used to be here in AZ, we had $0 down mortgages with 750+ credit. I think those days are long gone?
And thank god for that.

I'm sure that banks are still lending, but the days of exotic loan products are ... again THANKFULLY ... over.
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Old 09-23-2008, 06:07 PM
 
Location: Bloomington IN
8,590 posts, read 12,350,394 times
Reputation: 24251
Very few of the rules for lending are local. Most lenders must follow the regulations of Fannie Mae and Freddie Mac. Good credit scores are a must. From what I understand from my mortgage broker friend the days of 0% down are gone with few exceptions. 5% is still possible though. Employment and income history are also key.
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Old 09-23-2008, 06:48 PM
 
Location: Elkhart, IN
311 posts, read 915,993 times
Reputation: 269
I am an agent and I can tell you that choosing the correct lender is even more important than ever. Some that are in "dicey" mode are making it extremely difficult to close any loans. You should find an agent who can help you with trusted local contacts. For the best rates, a squeeky clean credit record, steady verifiable employment with paystubs and previous years tax records will need to be presented. Your down payment can be anywhere between 5% FHA to 20% for commercial banks. Good luck on your search~
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Old 09-25-2008, 09:42 AM
 
Location: Turn Left at Greenland
17,764 posts, read 39,734,665 times
Reputation: 8253
Quote:
Originally Posted by rrah View Post
Employment and income history are also key.
It just makes me ill to think that these 2 things were chucked out for awhile....
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