Rates have been attractive most of the year, lingering below 8 percent from May onward. The lending industry has improved. Barring complications, you can apply for a loan and go to closing within a few weeks. More people were able to buy houses. Help ranges from easier lending terms to advice on cleaning up a poor credit record and reducing debt.
Many cities have outreach programs targeting various ethnic groups.
A conforming loan is one that lenders can sell in the secondary mortgage market to such companies as Fannie Mae and Freddie Mac. You get a lower interest rate if your loan falls within the conforming limits. Loans beyond the limit are called jumbo mortgages and cost a premium. Copyright 1997, The Detroit News We welcome your comments .