Nontraditional Credit
August 25, 2008 by Eleanor
Filed under FHA Mortgage Loans, First Time Home Buyer
Do you really want to get out of that apartment? Did you know that NOW is that time you can make a KILLING buying real estate and DUMP your roommates??
If you’re ready to take the next move – and you don’t have three good lines of credit established – GREAT NEWS!
The new Housing Bill requires that Fannie and Freddie begin accepting NTMCR’s next year! Hugh? Non Traditional Mortgage Credit Report… The report is to be “designed to assess the credit history of hte borrower without the benefit of institutional trade references and should format as traditional references – including creditor’s name, date of opening, high credit, current status of the account… payment history. It should not include subjective statements like ’satisfactory or acceptable.”
That’s cool – but it’s not in effect yet! This means that if you have limited credit experience, or you don’t have at least 3 trade lines, you need to get an FHA loan. In Wake County, the FHA limit is $295,000, and as of October 1, 2008, the minimum downpayment for this program is 3.5%.
So don’t continue to put up with stinky roommates! Break out! Buy a house while prices are low – and you get a $8000 tax credit!
If you are purchasing a home in Garner, or buying a home in Raleigh/Cary, please call Steve and Eleanor Thorne, Meridian Residential 919-459-1313
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