Hal's Mortgage Blog

A survey released by Fannie Mae on April 6 says that 64% of the public thinks yes. Most of those polled also thought it would be tougher to get a loan today. My answer to that is – maybe.

 
It’s true that the marginal buyer may find it tougher. The subprime days of 100% financing with a 580 credit score are gone. Don’t hold your breath waiting for them to come back either. However Government loans such as VA, FHA and USDA/RD are still available (funds are running short for USDA but hopefully Congress will appropriate more).

 
If you have a minimum of 620 credit score and steady employment, Government loans may be your best bet. Guidelines have tightened up a little bit and lenders have been slapped with more compliance regulations but rates are still low.

And don't forget about all those bargain homes for sale. So the answer is yes, It’s a Great Time to Buy a Home!