Forgotten Gulf dispatches form Mobile and Dauphin Island

Many home and commercial buyers, sellers, investors and business folks have the same questions after the last few weeks of turmoil in the credit markets.

The answers are varied and with the Federal Reserve chairman Ben Bernanke making a major speech tomorrow, I will refrain from specific predictions.

The one area I feel confidant in commenting upon is whether credit is available.  The answer is a resounding YES!  The devil remains in the details.

Credit will be easily available if:

1) Buying a principal residence.

2) Have 20% or more in "seasoned funds" to use as a down payment.

3) Excellent credit with a score over 720.

4) Verifiable income, current tax returns and verifiable assets.

5) No more than one or two major mortgaged investments outside of a principal home.

6) Buying a property below the Jumbo pricing trigger.

If you meet these criteria most lenders will welcome you as a refreshing client.

If you fall short in some of these areas loans are ALSO available with proper planning and access to VERY knowledgeable lenders.

Here are links to two article which explain the current situation, present some background and some options for the near future.

 The first is a Business Week article titled “Not So Smart”. This article explains how we got where we are today. Click on the logo to review the article.

The second is also a Business Week article titled “Savvy Moves that Should Soothe the Market”.  This article explains the possible effect of the Federal Reserve moves and some other possibilities.  It especially explains how the recent Fed decision affected the market. 

The take away here is that there are options if you want to remain in real estate or want/need a new home.