Daily Real Estate News | November 5, 2008 | Share
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now.
"There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat,” says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.
Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.
Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can’t get the best interest rate on a mortgage.
Source: BusinessWeek, Lauren Young (11/03/2008)
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