All the doom and gloom regarding sub prime mortgage by the Talking Heads is making folks think that they can't get a mortgage or will have difficulty obtaining one at a decent rate, if their considering buying a home. I've talked with a number of Mortgage Brokers and its not true, mortgages are available. There was an article in Sunday's Miami Herald and the one below, dispelling the myth.
MORTGAGE MARKET HEALTHY FOR MOST The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country. The majority of mortgage products have been unaffected by troubles in the sub prime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according to Kenneth R. Harney, managing director of the National Real Estate Development Center and a syndicated columnist. While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals – one by an appraiser selected by the lender and the other by one working for the investor. Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive “layering of risk” – combining low downpayments with marginal credit scores and high debt-to-income ratios – in markets where prices are trending lower.Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/2007)© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688
There is plenty of inventory in the Keys just waiting for the right buyer. If your considering a purchase, I can assist you!
Check out the links below
http://www.robskeel.com/http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
