Albuquerque & the US Mortgage Woes

Dear Chicken Little,

The sky is not falling, although belts are tightening and the mortgage industry is shaking out some shoddy players, loans are still available; you might need better credit to qualify, put at least 5-10% down but this is a great time to buy a home, prices are falling on the west side and Rio Rancho, builders are offering huge incentives.

Just like the stock market,buy low sell high, traditionally the albuquerque market goes through 8 year cycles, and overall appreciation of a rate of about 3-4% in the last 20 years there have only been 2 years of devaluation 1988, & 2002 in 2002 it was only.03% so even though we may see a decline this year, overall Albuquerque is a great place to own a home.

When I first started to warn you of the impending mortgage crisis back in February of 2007, I did not foresee the actual number of companies closing and the tightening being this widespread (Worldwide) and paniced. Reminds me off the Junk Bond Market collapse in the 1980's and the Savings & Loan debacles that threw alot of babies out with the bath water. Lets hope this crisis will stablize so home buyers and sellers can once again breath a sigh of relief.

Contact these fine lenders with stable financial stability to see if you qualify for a home loan or for more mortgage related questions or prequalify right online at www.BuyaHouseNewMexico.com:

AnaLisa Cordoba - Pennington Financial (505) 379-8722
Charel Lock - Legacy Mortgage (505) 792-7668 (owned by Coldwell Banker Legacy)
Bernice Gentry - Legacy Mortgage (505) 858-3834
Yvonne Lara - Wells Fargo Home Mortgage (505) 298-7684

Credit Scores

Wanted to share with you a real story that just happened to me recently. I was contacted by a Bill Collector for an old phone bill from 1997 that I didn't even realize was not paid. I went into immediate panic, you see I am currently buying another house and moving; the last thing I want is my credit score to plummet. The debt has never shown on any previous credit reports. The collector said "There were 2 payments of $78.10 then they just stopped. (because I paid 1 in the office and the same bill again by mail). Yes I owed the $349.09 which by the way tacked on after the phone was shut off from various long distance companies thanks to a really bad roommate.

My credit rating was still intact, but recent changes with the mortgage industry have left the days where stated income folks like myself can no longer get a loan on just credit rating alone. I think if I had waited just another month to buy a home, the program I was given will be gone.

Protecting and improving on your credit score can significantly increase the likelyhood of qualifing for a loan and at a cheaper interest rate. Especially for buyers without proven job and income histories.

Now saving to buy a home when you need to put 5%-25% down is out of most peoples reach in Albuquerque with the median home price of $210k and Rio Rancho at $234k you would need savings of $15k just to close the deal!

If you are thinking about buying a home talk with your mortgage professional or try one of these fine proven lenders:

Todd Hohmann - First Heritage Mortgage - 505-875-3498
Charel Lock - Legacy Mortgage - 505-792-7668
Ana Lisa Cordoba - Pennington Mortgage - 505-379-8722
Vince Garcia - Countrywide Home Loans - 505-816-1765
Mike Gonzales - RPM Lending - 505-401-5318


Here is another great deal from a vendor I negotiated a contract with enjoy these savings:

Gardener's Supply Company - Huge Summer Sale - Save up to 63%!