Trying to buy a house.

We have alot on the market ...almost a third are foreclosures but VERY FEW QUALIFIED BUYERS!!! If you can get a loan it is a great time to buy right now or in the coming months! Try a community bank or credit union!!
We have very few qualified buyers now and alot of homes priced low. Actually, I am going "inactive" for the winter and save myself the fees involved to "stay in". I will jump back in when I see the market open more.

In the last three years in my area I have only had three buyers that had 20% to put down or a cash deal! Most went for 100% financing ( against my advice) but none of my clients did an ARM thank god! I have spent the last few months advising people not to sell now if they dont have to right now. Values are way down from what they bought and they have no equity!

Thomas Jefferson is rolling in his grave fast enough to be a new source of energy independence."~ samthurston

http://www.campaignforliberty.com/

thought i would throw my 2 cents in here as ive been in my very nice abode over 12 years im 51 years young and survived a divorce etc etc as property taxes are crushing me over 2500 per year as i said funk them parasites as they are sucking on the host which is me, so i put my house on the market 40 days ago and already got a buyer and hope he is all good with the bank my real estate agent said he is all good got my fingers crossed as i never sucked equity from my home not doubt good move there, im getting ready for over 50,000 large as i put a big down payment on my abode and im getting out of debt and getting off the grid and buying some serious weapons and ammo lots of ammo and very large guns, bottom line i hear ya the market is a mess but im getting ready to get off the gerbil wheel and take my profits before there is no profits. very nervous times no doubt,regards crankitup

that it was time to sell before property values tank. Though you're probably right about interest rates, interesting dynamic.

in light of recent conditions i recently (saturday) went to my local tax foreclosure auction and bought an old farm house for 1,500.00 no joke.
better ones went for 5,000 to 30,000 but i own it free and clear no back taxes . use your down payment and buy a tax foreclosed property in a rural area to protect your family from being homeless.

We have always used credit unions over banks. Not only was their interaction and support more personal, but the rates were lower- sometimes several points lower.

In 1999, when we decided we'd be in our own house within 5 years, we figured on 20% down at minimum. We were good savers, both had good jobs. But I had absolutely no credit at all. That's a downside to only using cash, after all. :)

We joined a credit union, put about 5K into a savings account (I think 3% at the time). Then over the next three years, both of us took out a series of small personal loans and used car loans under 4K. I also opened a credit card account with the CU, 1K limit, but instead of paying off the balance each month, I took a FICO expert's advice and kept a balance of about 15%, paying well over the minimum at times that required it to keep the balance around 15%.

Again, like paying in all cash all the time- paying down your balance each month isn't exactly ideal to build credit. FICO wants to see you making at least a little money for the banks!

Come Feb 2003, my FICO was 760 (from ZERO) and my husband's was at least 800 (our agent told us it was technically over 800 but that FICO doesn't really count that high.) The CU knew we had 30% down payment for at least a 210K house in our account. They gave us a 30 year fixed loan at 5.5%, and we got the house we wanted because the first bidder had three sketchy loans lined up, but no down payment.

All the mortgage brokers and comparative loan companies and internet comparisons we consulted couldn't touch that 5.5% rate our credit union gave us. Our RE broker was even floored that we weren't playing loan roulette like the majority of his clients who used BoA, Chase, Fannie Mae, etc.

I just want to let you know that you should not despair. Perhaps a 2- or 3-year plan is better for you than wanting to lock in right now when home prices are higher than they should be.

but haven't locked in yet.Does anyone know where the rates will go in the next few days?