26 Jul 10 New Homebuyers Still Weary
According to Patricia McClung of Freddie Mac, “There are also some local housing financing agencies still providing new homebuyer down-payment assistance. “There are a lot of home loan options to getting someone in their home today with as little as 3.5% down,” McClung said. In order to make sure you can take advantage of this opportune time, McClung says it is important to know how to be prepared. She says lenders are looking for a little more than they were a few years ago. “Today somebody interested in a mortgage loan must keep track of their income documentation, their tax information from the last couple of years,” McClung said. “They also need to make sure that they have stable monthly income and that they can verified with acceptable documentation, like pay-stubs, W-2′s 10-40;s etc. To be sure that this mortgage lender is going to be comfortable it is imperative that you demonstrate the ability to afford the new mortgage payment for the near future.” In most cases, no income verification loans are unavailable. Read the original home loan article online >Record Low Mortgage Rates but Consumers Wait
