What is keeping me from buying a Home?
In today's buying market the two things you need are, a job (you can be self-employed if you pay yourself a salary) and a credit score above 640. FHA has moved their credit rating up but more importantly, the banks doing the loans have raised up their criteria to a 640. Why? Banks are tired of making bad loans. Today unless you are buying a multimillion dollar home you cannot get a "no documentation" loan. The criteria for this kind of loan is you have to put down 40% or more. Who wouldn't take that loan!
You may be able to get an investor loan with a higher interest rate and 25-30% down. Plus now there are more regulations than ever!
Stay tuned for more information coming your way.