San Tan Valley/Queen Creek Homes: Home buying Myths-Credit Scores/Foreclosure/Bankru...

San Tan Valley/Queen Creek Homes: Home buying Myths-Credit Scores/Foreclosure/Bankru...: I was shocked the other day when I watched a video from CNN or one of those "talk"/"money" shows from a couple of years ago and they were ta...

Home buying Myths-Credit Scores/Foreclosure/Bankruptcy

I was shocked the other day when I watched a video from CNN or one of those "talk"/"money" shows from a couple of years ago and they were talking about how hard it was to get a mortgage. They were talking that a person needed a credit score of about 750. WHAT? That is nearly perfect credit....MOST people don't have that type of credit. And if that is the case, more homes would still be on the market unsold. Many buyers that I work with only have credit scores of 620 to 680. YES a credit score of 620 CAN get you into a house of your own. Now there are some other factors that will play a part, but for the most part 620 can get you in a home in just a few months.

Now if you had a foreclosure, you will have to wait 3 years. YES only 3 years, not 7 years like many people think. Yes you will have to have a credit score of 620 or better, but  you can buy in 3 years after a foreclosure. Short sales are very similar, but in some cases you can buy in 1 year. But most of the time it is 2 to 3 years after a short sale

After a Chapter 7 bankruptcy a person has to wait 2 years.

Now to clear up some myths. If you file bankruptcy and foreclose in the same year you have to go off of the foreclosure and wait 3 years.

I have just touched the tip of the iceberg of financing, so if you have any questions, please call me today to find out if you CAN qualify for a home.

How's the Market?

Wow! It has been an exciting time in my Real Estate Career. I have seen the market go to the high of highs, down to the low of lows, and now our current market. I don't know how to explain our current market....but it is crazy again. Not enough houses for buyers. We are VERY low on foreclosed homes, a few short sales, and a few homes that investors are flipping .  We are seeing bidding wars again, bids going way over asking, sellers asking buyers to pay over appraisal prices, and many cash offers. I know many agents are having problems getting buyers into homes that they can afford if they are wanting a home under 100k. 

The good news of this is our market is getting stronger. My opinion of  the market is that we have seen the housing market low in Arizona! Great news for everyone who has purchased a home in the last 2 to 3 years, you are going to start making money on your homes!!! This of course is going to be true if the banks don't flood the market with all the homes that have been foreclosed on but not been resold. 

I hope that his makes everyones holiday week a little brighter! Have a Happy Thanksgiving! 

Everyone check out my website for great information and news! www.sellingazwithrebecca.com