La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 October 03, 2007

Tips for Home Buyer and Loans
Prospective home buyers in today's tightened mortgage market need to ensure they have the best financial credentials possible in order to qualify for a home loan with the best terms.
Here is what it will take to impress a lender:

1. Down Payment: Today's market has all but eliminated 100% financing. Most loans that prospective buyer apply for will require at least 10% down, however lenders prefer 20%.

2. Income Verification: Prospective borrowers who are able to verify income can expect to wait a long time for a decision on their application. Individuals who are self-employed are still able to obtain financing with verification however, may pay rates up to ½ to a full one percent higher.

3. Better Credit: In order to be able to obtain the same rates as just one month ago, buyers now need to come to the table with a credit score that is at least 50 points higher. Credit scores over 700 are optimum.

4. Patience: Prior to applying for a loan, buyers should ensure that they have all their documents in order, search at a backup, and be prepared to wait.

Back to Real Estate News

Search San Diego Real Estate