How different is the home mortgage market in Columbia, SC from October 2007 vs. October 2008?
I just received an email from a Bank of America loan officer. They are one of the few lenders I suggest doing business with. Contact me for a free, no obligation consultation on which lender may best for you. You may also call me toll free at 1-800-620-1323 x7.
Take look at what Bank of America has to say:
October 2007 vs. October 2008
Then: 100% financing available on conventional loans
Now: 100% financing available for veterans, 97% financing available on FHA loans, 95% financing available on conventional loans
Then: Down payment assistance programs available
Now: Down payment assistance available up to 3% from gift funds
Then: Minimum credit score of 560 required on an FHA loan
Now: Minimum credit score of 560 required on an FHA loan
Then: Borrowers Protection Plan available on No Fee Mortgage PLUS loans only
Now: Borrowers Protection Plan available on all conventional loans
In summary, it may take a minimal down payment to purchase a house if you are not in the military, but loans are still being made. It does not take perfect credit to acquire a home loan, as evidence by a 560 minimum credit score. If you have issues with your credit, loan officers will advise you on what changes are needed to get you set up for a home loan. Those changes are not always self evident.
By the way… not a thing has changed with VA home loan financing. It is very easy to qualify for. And it is still with NO down payment. The interest rate is typically at whatever the going interest rate is for someone with top notch credit even if the veteran’s credit is not.
Loan officers will consult with you for free. You can click here to request to speak with a reputable loan officer in the Columbia, SC real estate market. If you are in the military and PCSing to Fort Jackson, please click here.
To sign up for an up-to-date full list of available new construction homes in the Columbia area that meet the needs of your family, please visit http://www.FindMyColumbiaHome.com
Your Columbia South Carolina New Home Specialist, Adrian La Fosse