The Subprime Wolves are back!

Nov 30, 2008 at 9:29 AM
6 comments

I see knew ads on TV talking about everyone can get an FHA loan. Don't believe it. You may be able to to but not EVERYONE can!

There are so many new guidelines to meet, the very best option is to get 3 Good Faith Estimate (ask specifically for a Good Faith Estimate) quotes base on the same criteria, like loan size, down payment... (they may be 3 FHA quotes instead of Conventional (basically non-FHA or VA)). Pick one and get pre-approved (that means submitting your full aplication so they can check your credit, cash and income). Pre -approved means that an underwriter has blessed off on the previous items and the house size you are trying to buy and the only thing left to do is to get the "property" approved with an Appraisal and Title work.

Know you are approved BEORE you go shopping for a house you can't get. Very, very important in todays market!

6 comments

Comments

Hi John
Great to see you back again. Indeed knowing if you can afford something before going and looking is very important. Perhaps we wouldn't be in this mess if people whould have taken that bit of advice

Matthew Shields
Energy Expert

thanks for your post!! www.drmichaelroth.com

Hi John-

It's so nice to see you back here. :-)

I miss all your sage advice!

Jennifer Skinner

Wardrobe Planning Expert

[this is good]

Hi John,

great to see you here again posting from your expert mortgage and credit advise blog, Credit Guy.

Indeed, as ever, your financial advise is right on target and timely with the current financial markets.

Great relationship building. sooooo, speaking of relationships and dating... when was the last time you went on a date, John? ;)

All the best,

April Braswell

Online Dating Coach, Romantic Relationship Coach

Internet Dating Sites Guide, Online Personals Sites Review