Interest rates are remaining pretty steady. Conventional loans you need 5% down and the interest rate for 30 years is 4.875. For FHA loans you need 3.5% down and the 30 year rate is 4.5 and the 15 year rate is 3.875. Home prices haven't risen in several years, and with this low of interest rates, it appears to be a good time to buy.
Rumor has it that if QEM passes (Obama's bill) then FHA loans will have to have 20% down the the American dream of owning a home will be the thing of the past.
To qualify for a loan you must have a 640 FICO score and make a certain salary. I have a program designed by Chicago Title that will tell you what that number is, what your closing costs will be and even how much you will need in the bank account the day before closing. I'd love to share this information with you. Call Prudential Ada Realtors in Amarillo, TX, 806 355 9601 and ask for Judy.
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