Have you heard? There are a few things happening in the financial sector that are probably giving you cause for concern. Truth bet told, they've given a lot of us cause for concern …
Just a quick note to let you know that there are home loans currently being funded, just as Mark Weddle and
Dennis Duncan said there were. I'm not going to blow smoke and say that there a lot of companies out there that are having trouble providing credit to buyers, and the stock market is absolutely a scary place to be right now. BUT … the mortgage market is not mirroring Mountain Lake.
In order to make it happen, you'll need three things:
- good credit. There are differing opinions of what "good" credit is, so let me help connect you with someone who can tell you exactly how you stack up.
- money to put down (and it DOESN'T have to be 20%).
- proof of monthly income. Gone are the days of what we called "no doc" loans (thank God).
If these items look familiar, it's because they're all things that lenders have looked for in the past, and that they'll continue to look for in the future. The mortgage market isn't gone … in fact, we're closing two properties THIS WEEK that were funded by a local lender just within the last two weeks. Let me know if you'd like to review your individual situation. It's not going to be the right time for everyone to buy, but if you can meet the three criteria above it just might be worth your while.
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{ 4 comments… read them below or add one }
Great post. The wide open lending practices have fallen by the wayside. I guess the powerful lesson with the current credit crunch has shown that not everyone with a pulse should be able to get a mortgage.
T
Great post. The wide open lending practices have fallen by the wayside. I guess the powerful lesson with the current credit crunch has shown that not everyone with a pulse should be able to get a mortgage.
T
Further, I like that we’re getting back to lending basics – you have a job, you have good credit (it doesn’t have to be excellent, but you have to be able to show you’re paying your bills), and you’re putting money into the purchase. There’s nothing wrong with having to finance a purchase, but I firmly believe that you need to have money in the purchase. If you have money that you’ve been saving and you can put down 3%, put it down! If you have 20% available, put it down! We can sit down together and go through the buyer’s situation to see what makes sense, but it’s important – for a number of reasons – to have the financial commitment, in my opinion.
Further, I like that we’re getting back to lending basics – you have a job, you have good credit (it doesn’t have to be excellent, but you have to be able to show you’re paying your bills), and you’re putting money into the purchase. There’s nothing wrong with having to finance a purchase, but I firmly believe that you need to have money in the purchase. If you have money that you’ve been saving and you can put down 3%, put it down! If you have 20% available, put it down! We can sit down together and go through the buyer’s situation to see what makes sense, but it’s important – for a number of reasons – to have the financial commitment, in my opinion.