Home mortgage rates continue to make mortgage refinancing and home buying more affordable than ever. The home loan demand continues to rise for borrowers seeking first time home buyer loans. Home foreclosure rates continue to break records ever quarter across the nation. We saw a significant surge in refinance loan applications in April as the homebuyer tax credit expired. Home sales prices are down and that and record low home loan rates seem to motivate first time home buying. Today loan applicants may be eligible for 30-year mortgage loans with fixed rates as low as 4.625%.
Many potential home buyers have reconsidered buying because mortgage loans for people with bad credit have gone away. FHA and VA mortgages offer more flexibility with credit, but they are not subprime loans that accept bad credit without documenting income and demonstrating to the underwriter that the borrower is a low risk for defaulting because they have the ability to make their loan payments on time.
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