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09-22-2008, 05:49 PM
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Junior Member
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Join Date: Sep 2008
7 posts, read 6,722 times
Reputation: 11
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Ft. Wayne Realtors - How easily are mortgages funding now?
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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09-23-2008, 10:52 AM
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Discopants and Haircuts
Status:
"i wanna be sedated"
(set 8 days ago)
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Join Date: Jun 2006
Location: Turn Left at Greenland
11,939 posts, read 7,739,447 times
Reputation: 2935
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Quote:
Originally Posted by Tinkerbellmom
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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And thank god for that.
I'm sure that banks are still lending, but the days of exotic loan products are ... again THANKFULLY ... over.
__________________
If there won't be dancing at the revolution, I'm not coming.
Emma Goldman
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09-23-2008, 07:07 PM
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Senior Member
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Join Date: Aug 2006
Location: Bloomington IN
613 posts, read 630,831 times
Reputation: 157
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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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09-23-2008, 07:48 PM
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Real Estate Agent
Status:
"pondering the plans for next year"
(set 20 days ago)
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Join Date: Aug 2008
Location: Elkhart, IN
286 posts, read 153,268 times
Reputation: 218
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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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09-25-2008, 10:42 AM
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Discopants and Haircuts
Status:
"i wanna be sedated"
(set 8 days ago)
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Join Date: Jun 2006
Location: Turn Left at Greenland
11,939 posts, read 7,739,447 times
Reputation: 2935
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Quote:
Originally Posted by rrah
Employment and income history are also key.
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It just makes me ill to think that these 2 things were chucked out for awhile....
__________________
If there won't be dancing at the revolution, I'm not coming.
Emma Goldman
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