Whether real or imagined, many buyers are not buying because of perceived "loan issues" or the "credit crunch" that we hear about almost daily. Yes, mortgage guidelines have gotten tighter, and it is more difficult to get a loan now. Homebuyers need to do more than fog a mirror. Buyers need good, but not perfect, credit and cash for the down payment and closing costs. Banks have tightened debt-to-income ratios, too. But too many buyers think that they are out of the home buying league, and that is just not true.
Think homebuyers need 20 percent down or nothing? Think again; many buyers can qualify for a 3.5 percent down, FHA loan -- even on a second home!
What You Can Do: Talk to your agent about having a mortgage broker colleague create various loan-option scenarios for your home price: Down payment, closing costs and monthly payment. Keep these handy for prospective buyers or tuck them into the graphic.
Even better, boot up a laptop to a home mortgage site like USAA, where prospective homebuyers can type in their own options on the spot. In Texas, most sellers pay for title insurance, which lifts a few more dollars from the buyer's financial burden. There are many First time homebuyer programs out there many don't know about, this is where having the right Mortgage Broker and Real Estate Agent is essential. Looking at your options beforehand can save you time, money and get you into your dream home sooner than you thought. Happy house hunting!
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