Can I qualify for a home loan?

You may have heard some ads on the radio about how the market here in Nebraska is good and you can get a loan. This is very true. While there are far less options out there today for people with poor credit there are still plenty of options for people with good credit. In general, good credit would be defined by little or no late payments in the last year, no judgments or collections and at least 2 years after a bankruptcy. If you have had a bankruptcy, it is important that you establish positive credit. Assuming you have a stable job and your ratios are in line you can get a loan. What types of loans are available? The most common loan we are seeing right now are FHA. An FHA loan has more lenient income to debt ratios and require only 3% down. (Starting January 1 the down payment minimum increases to 3.5%) If you have served in the military, you may be eligible for a VA loan. This is a 100% loan. Since it is a government backed loan, the ratios are also more lenient.Finally, there is the Conventional loan. A conventional loan would be used if you have 20% down and excellent credit. Finally, if you are a first time homebuyer and don't make too much money, there is a 100% loan (USDA) and a $15,000 down payment assistance program, both are only available in rural areas. Both of these programs are available in our Eagle area. Don't forget, if you purchase a home before July 1, 2009, and you are a first time homebuyer, you are eliglible for a $7,500 federal tax credit. There has never been a better time to buy a new home!!!! Call Hartland Homes today to find out more or email us!