Foreclosure and REO Properties Expert Advice

TULLY’S REAL ESTATE AND MORTGAGE NEWS:

Looking  For  a  Mortgage??
 
If you are in the market to buy a new home or refinance your existing mortgage, you had better be extremely qualified or not really in need of one.

The reason that I say this, is that the easy credit that fuelled the housing boom of the last ten years is gone.  The only loan programs available, except to those that do not need one,  basically come from the government agencies of  “Fannie Mae ” , “Freddie Mac”,  and FHA/VA. 

Their guidelines are acceptable and understandable, but they do require that one has:

• A down payment
• A verifiable stream of income
• Decent credit

… something that had been a problem for the now extinct subprime lenders.
 
To be successful in real estate investing for the next 3 - 5  years, one is going to have to go back to their playbook and come up with some creative financing alternatives. 

There are a few options that exist and will become much more visible over the next several years.  Terms like   “owner-financing”,  seller-carry backs”,  “assumptions”,  and  “lease-to-own”  are some that will top the list.  Though the number of transactions closed will come to a slow crawl, there will be business and financing available to those that are creative and work with the right professionals that understand these concepts. 

What will you do to try and grasp these ideas??
 
Until  Friday,
Tully 

**For foreclosure properties, information on how to stop foreclosure, and our foreclosure workout specialist services… visit our main site at www.virtuositypro.com