I know that this mornings headlines scream that the credit crunch hits local, but after surveying several banks and mortgage brokers, I've learned there are still mortgages available in Rochester! In fact, you don't need perfect credit either. FHA insured mortgages are still available for individuals with a credit score as low as 580 with 2.25% down payment!!! Minimum down payments will increase January 1, 2009 but for the time being you only need two and a quarter percent down.
Conventional financing is still available with a 5% down payment. Rates are based on credit scores with buyers having a score of 740 or better earning the best rates.
Please, please, please if you know someone thinking about purchasing real estate, encourage them to call a bank or mortgage broker and not believe everything they hear at the gym or golf course. There is a ton of bad information out there!