Can I Get a Home Loan in This Market?

With the crash of the Stock Market and all the talk credit crunch, the number one question I am ask is can you get a loan to buy a house. The answer is yes. Bank loans are the loans that are hard to get. Loans for cars, business loans, and lines of credit are examples of bank loans. It is easy to get a 30 year home loan if you have a decent credit score and  either have or can get some money a down payment of at least 3 to 5%. Unless you are a veteran and then you can still get a VA loan with no money down. FHA loans are available up to over $200,000 and conventional loans with 5% down up to $417,000. These loans have an interest rate as low as 5.5%. That is as low as they have been in a while. The only type of home loans that are harder to get are Jumbo Loans which are home loans over $417,000 here in Arkansas. Jumbo loans more difficult to get and have a much higher rate of interest in most cases.

So what does this mean for you if you are in the market to buy a home today? It means it is a great time to buy. Good loans are available, rates are at historic lows, the number of homes to choose from is high and sellers are ready to negotiate. Get out have find  your new home.