A decade ago, real estate markets in Alaska, California, the Northeast and Texas were collapsing, equity was disappearing and defaults zoomed. You've got a six percent commission to pay plus selling costs. You are up to 8 to 10 percent in transaction costs and you don't have any equity. Before you get to test your financial mettle in economic upheaval, take a look at what the loans offer and what they don't while the market's stomach is still relatively settle. There are Fannie Mae, Freddie Mac and FHA flavors.
Private lenders push their own products.
Those with the best rates demand high credit scores in the 700s. Others that allow lower scores, can cost a percentage point or more than prevailing rates for conventional money-down mortgages. Still others get you in the door even if you've spilled a bankruptcy all over your credit record, but have since managed to clean up the mess. It helps you acquire property. Not so fast.