Busting the myth. Yes you can still get a home loan!

I was on a listing appointment this weekend. The seller started asking me about buyers and how many would even be able to qualify to get a loan right now to purchase his home. I noticed what a huge area of concern was for my client and decided that I should write a little something about it to bust the myths that the media seems to be portraying lately. Many consumers right now would like to purchase a home, but they are worried that they can’t get financing. So what’s the real story with getting a loan?
It’s true that banks have tightened up their lending procedures. What the news does not tell you is who they are not lending to anymore. The root of the problem with the banks right now was caused by the sub prime market. The sub prime market was established for people who otherwise would not be extended credit.

What do you need to do to qualify for a mortgage loan?

You need to have established credit and have a history of paying your bills on time.

You need a satisfactory job history for the past 2 to 3 years.

Your debt to income ratio shouldn't’t be over 40%.

You should have some money in the bank.

Obtaining a loan for a home is not out of your reach. The key is working with a good mortgage lender who is knowledgeable about the many programs available that you could qualify for. If you have a desire to purchase a home you should start planning now. Your first step should be finding a good mortgage lender to review your finances and help you take the necessary steps to obtain an approval. Next you need to determine what your housing needs are and what you can afford.

We have many good reputable lender contacts. If you have any further questions or are interested in purchasing or seeing what you can qualify for in today's market do not hesitate to contact us we would be happy to help you!