Financing your purchase-                  

   As buyers are well aware, there are an abundance of great deals currently available on the market, but financing has tightened up considerably. Here is the latest from the local lenders ...

Current Lending Hot Tips: Rates are still low and those with good credit and money to spend will find it easy to get great deals.  There are numerous  government programs available to help first time home buyers. Contact Academy Mortgage in Sonora for more information on these great deals.

Pre Qualified vs Pre Approved

Pre qualified means you are a qualified candidate for a loan but it is hypothetical. The real deal is getting Pre Approved. Pre Approval means the bank is ready to lend to you today and that carries clout when making an offer. Pre approval letters usually say they are  valid for 3-6 months. Don't trust that! Not in this market! Get pre approved again if your pre approval is more than 8 weeks old. In this economic climate,  a lot can change in 8 weeks so lenders are really hot on current credit information.

Conventional Loans- Conventional loans are still out there and local banks are interested in funding them. Be aware tho,  if you are putting down 20% or less, you will be required to have mortgage insurance and deals are getting blown out when minimum credit scores are below 720. Yup, its the truth.

Short Sales:   Click here for more about Short Sales and REO properties

Short sales and REO properties are in abundance and come with their own financing issues. The Short Sale process is lengthy and buyers need to make sure that they are prepared to stay the course. Layers of bureaucracy have gummed up the sales process and while sales are completing, often times they take months instead of weeks. Be sure to work with a lender that understands the demands of this type of purchase and with a Real Estate Agent experienced in Short Sales.

Short sale questions for sellers:

Will I get any money from a short sale? No. The lender is going to take a loss on your loan and whatever comes from the sale will be theirs.

Will my Credit Score fall?  Yes, but not nearly as much as in a foreclosure.

Can I stay in the house?  Yes. You do not need to leave your house until told to do so. Reports vary but this can take weeks or in some cases , years!

Will this really help me to avoid foreclosure?  There are no guarantees but it's worth a try. I will work as hard as I can to put you in the best position possible but the control rests with the lender and I can't promise things beyond my control.