With the subprime markets tightening their purse strings, where do buyers go who have low credit scores or lower than ideal income to qualify for a mortgage? Today it is harder than ever to get a good loan if your credit score is below 600. By doing your own due diligence, you can research for information to help you make an informed decision on mortgages no matter what your credit score, income or other factors, such as fees associated with the loan.

www.dontborrowtrouble.com
Freddie Mac provides good information on avoiding-high priced loans.

www.fanniemae.com
Helps you find products (mortgage loans) that help low-to-middle income families buy homes.

www.annualcreditreport.com
I cannot stress the importance of knowing not only your credit score but what exactly is on your credit report. You can check your report from each of the three major credit reporting companies free of charge.

Beware of adjustable rate mortgages. In my opinion, you would be better off to continue to rent until you feel you can afford the higher payment associated with a fixed rate mortgage.

This entry was posted on Monday, April 21st, 2008 at 8:00 am and is filed under General Interests. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.