As you all know the sub prime loan market shook the industry as the days of stated income, 100% financing and careless underwriting are over. The word sub prime mortgage crisis is now defined in Wikipedia! As the guidelines of mortgage programs are restructured and re-written it is important to know what you are getting into when looking to buying a home. Follow these simple guidelines while searching for a home:

Know Your Credit Score - Depending upon who you choose as your lender there are certain credit score requirements in order to obtain the proper mortgage loan. To ensure that you get the best home loan program available get a copy of your credit report.

Associate Yourself With a Trusted Mortgage Professional - As the media may provide you with an overall picture of where the market is headed, it is more important to get pre-qualified based on your personal financial portfolio. Know your mortgage professional and be sure to get pre-qualified on a payment that YOU can afford, not what your advice wants you to afford!

Interest Rates - As you know rates are at historical lows and the time to get financing is now! Granted there may be some challenges in obtaining these affordable rates but regardless now is the time to research a program that will fit your financial plan.

Housing Inventory - Due to the amount of bank owned properties that have flooded the real estate market you need to know the difference between a "bank owned" property or an "REO". Now more than ever knowledge is power as you venture into the world of home buying. There is an infinite number of available properties for various reasons so do your due diligence in finding a home that is right for you!

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