Buyers With Great Credit Scores in Driver's Seat
Potential home buyers with great credit scores, enough cash for a 20 percent down payment, and some determination can get a very good deal right now. "There are a lot of hungry mortgage originators, so great credit-quality borrowers are in the driver's seat,” says Keith T. Gumbinger, vice-president of HSH, a mortgage market analyst.Borrowers need a credit score of at least 750 to get the best deals. Keeping credit-card balances below 35 percent of their credit line is very important, but 20 percent is the maximum allowed for a top score.Buyers in a strong-enough position can ask sellers to agree to a contingency clause that gives them an out if they can’t get the best interest rate on a mortgage.Source: BusinessWeek, Lauren Young (11/03/2008)
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