Thinking of buying a new home in the Victorville CA real estate market?  Prices are so low it’s almost irresistible.  One of the first things you will want to get in order is your financing (unless you’re paying cashJ).  There have been a multitude of changes in the lending industry over the last 18 to 24 months.  So unless you have already talked with lenders, put on your flak jacket, secure your helmet and snug up your seat belt.  Don’t expect too much of anything to be the same as a loan you took out over two years ago.

A fairly new MI (mortgage insurance) guideline on conventional loan that require MI (loans with less than 20% down) is a strict new rules that now apply to FICO scores, they need to be at least 720 or no back end ratios over 41%.

You will want to get this ironed out early with your lender so you don’t run into any road blocks once you are into contact to buy that home.

A solid alternative for many buyers has been the FHA program as it continues to gain popularity once again in a tight lending market.

If you need the names of some good lenders, let us know.  We are out there every day working with them and we know who the best ones are.

For all of your Victorville CA Real Estate needs visit our web site.  

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