Finance Articles

In Today?s Mortgage Market, Good Credit Is King.

Think Back For A Moment? The year - 2005, The industry ? Real Estate, The mood ? Light, Airy, Jovial, Confidence abounding? Remember when practically anyone with a pulse could own a home for no money down? Or, refinance and take cash out to take a frivolous trip to Jamaica?

Yep, those sure were the good ol? days. When rates were at historic lows & appreciation was through the roof. Home values soared seemingly never-ending. Heck, we could all retire on the equity built in our homes (before we took our trip to Jamaica of course.)!

Some of us refinanced into short term ?band-aid? loans such as the 2 year fixed 28 year adjustable. We had hoped that we would improve our credit and that appreciation would allow us to refinance at the end of the 2 year period. Others utilized the loose air of market confidence and low rates to become investors and begin ?flipping? houses.

Then came reality ? the market cooled, home values dropped, rates rose and in many areas depreciation ran as rampant as the plague in medieval Europe. Those ?band-aid? adjustable loans came to term and became unaffordable. Investors could no longer sell their undervalued and over priced ?fixed-up? homes.

Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.

Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- ?imploded? because of the market cool down?? (http://www.ml-implode.com) Even Big names such as New Century & Fremont General were not immune to the major turnaround in the market.

But truly, what does this all mean for us? Who can now qualify for a mortgage? What are the credit guidelines? How much money should one ?bring to the table?? These are all excellent questions. The most pertinent of the bunch is ?what are the credit guidelines?. To put it plainly, you have to have much better credit!

But how much better you ask? Consider this: In 2005-2006, it was not uncommon for a home buyer to purchase a primary residence home with no money down on a STATED income with verified assets with a 580 FICO score. WOW...what a dream those days were!

Today?s situation, June 2007, same scenario: Minimum FICO = 660!

Quite a change, huh? Truly, good credit is king & an absolute must for any type of real estate transaction in today?s market. Your credit will mean the difference between having to come to the table with cash down, between a 5.875% rate an 8.5% rate, between being able to purchase a 2nd home or not, between whether or not you can refinance to take cash out for home improvements, between renting and purchasing.

Before proceeding with any real estate transaction, take a close look at your credit and score. Examine it and ask yourself: Am I carrying high balances? Do I owe less than ? the amount of my credit limits (Big Credit Booster)? Do I pay before or after the 15th of the month? Do I have lines of credit that aren?t mine? Where can I find the resources to improve my credit? (And many, many more questions?.)

These questions and the remedies to them may mean the difference between a $1000/month payment and $2000/month payment! Educate yourself and don?t become a victim of unaffordable mortgage payments due to mistreated or untreated credit.

As a Las Vegas, Nevada mortgage planner, Aaron Thomas Landreth has lead many clients on the path to affordable home ownership by educating them about credit maximization.

He offers a bevy of free credit counseling resources, not the least of which is a 300 page kit designed to educate and improve your credit now.

Receive this invaluable kit for free, no questions asked. Visit http://www.set2fund.com and click contact us.

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