Buying Homes in a changed Credit Market

You may find yourself seeing some incredible values in the housing market with home price lower than they have been in 16 years.  That only helps you if you can actually purchase the home of your dreams.

FHA and conventional loans with 20% down are the about all that is left in the Michigan market for financing.  FHA requires 3.5 percent down.  Now you have to bring something to the table to buy that bargain priced home. 

What happens if your credit is bruised or has a few bumps?  You can do some work on your credit and fix it!  The secret that many people don't know is....credit reports can be wrong.  Now that wasn't a revelation but the other side of the coin....credit reporting agencies have 30 days from the date of written notice to fix the credit error.  So if you have paid something off and they show it still open as a debt or they have something else...like a debt you never had...put it in writing and send them a notice.  Fix IT!

Now about the 3.5% down you can actually get money gifted to you.  A parent, friend of relative can gift you the down payment.  The money has to be seasoned for 60 days.  That means you have to have it in an account for 60 days and not touch it.  Plus you will need a written gift left from the party gifting you the money saying, "I gifted (your name) $0000.00 dollars as a down payment for the purchase of a home.  Make sure it is dated and signed.

Pretty simple but you could be on the path to purchasing your dream home at a bargain price.

FlexIt Realty® has professionally trained Buyer Agents they never cost you anything to be represented.  They get paid for representing you out of the seller's agent commission.  Yet Buyer Agents could save you thousands of dollars on your next transaction.

Hope this helped you on the new Credit Market and financing a home. 

Visit our website under BUYER REPORTS for more information. www.FlexItRealty.com