Filed Under Buying · Tagged: Financing, Lending · Print This Article
Here we go with more tightening and changes in lending again.
As of Dec 13th of 2008, lenders will begin to require larger down payments for loans. As we have seen over the last few months, it is becoming more difficult to get the loans of yesterday in this economy. This reduces our buyer pool to those who have saved significant money to purchase in this lending environment, not helping with the current abundance of supply we have in the Cincinnati Market. Some buyers that wait too long to buy, will have to continue renting and making their landlords rich! I have seen several client already pushed off of the carousel because they did not buy in time and now they cannot meet the more conservative requirements lenders are mandating.
The BEST SOLUTION: If you are planning on buying a home, and have a small down payment saved, as Dan Green says, “Get on with it.”
I can help you make a list of wants and needs, tour homes, write an offer and get a great house all before Dec 13th, it’s a piece of cake. I do this every week of the year! As I have said a million times, if you are a buyer with no home to sell, THERE IS NO BETTER TIME TO BUY A HOME! And I would also suggest that there may be additional changes after our election and Jan 21st. Rates are great now, they are lower than the 20 year average of 9.22% Don’t wait another day! Get on with it!
Read Dan’s take at The Mortgage Reports.
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