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The next question is - could I qualify to refinance my property or to buy a house? Due to the market corrections, lenders are tightening the underwriting standards and requiring full documentation of income. Thus, eliminating a good chunk of prospects or homeowners if they do not have good income/assets and credit. Documentation such as W2s, tax returns and bank statements are a must have. Otherwide, you would be at a disservice until the credit-standard pendulum swings back to the middle. In order to get the best rate, strive for 720 FICO score, 20% down payment, income qualifications and debt to income ratio not to exceed 50%.

Those that could qualify to buy/refinance a house, please check my previous month blog for $7,500 federal tax credit towards your home purchase..