Yes it’s true that mortgage rates are at an all time low. It’s also true that we are currently experiencing the most tightened credit markets our generation has ever seen!

It’s one thing to sit on the fence hoping for florida mortgage rates to fall into the 4% range, but it’s quite another to pass up historically low rates when you should be thanking  you’re lucky starts that you got a loan approved in the first place. Obtaining a mortgage in today’s market is difficult at best.

Think of what we have come down to on conventional financing guidelines in today’s market. No one over 80% loan to value is able to finance their purchase or refinance with less than a 720 credit score. Investors cannot have more than 4 properties financed. No investor cash out refinances PERIOD! It’s a bleak market for those trying to take advantage of low rates.

We suggest locking early and being happy knowing that you got your loan financed in this historic tightened credit market.

Luckily there are savior programs still financing loans at higher LTV’s such as florida fha loans and florida VA loans that are able to circumvent many of the issues that conventional financing will have right now. Still this leaves investors out in the cold who are having to turn to hard money financing and other private money sources until the market returns.

Again we have to reiterate that anyone looking to refinance or purchase a loan should lock their interest rate in as soon as possible and consider themselves lucky to have accomplished what so many other s have not… financing their home in the worst housing market in a generation!