If you’re in the market for a home these days, you might have a tough time trying to figure out whether it’s a buyers or a sellers market.\u00a0\u00a0\u00a0\u00a0Homeowners looking to sell their homes are having to drop their prices, but buyers are having a tough time getting even the smallest loans from the banks.<\/p>\n
Even people with near perfect credit and enough cash for a 20 percent down payment are struggling these days\u00a0to qualify for a suitable loan.\u00a0\u00a0 One small ding on your credit report, even something like an unpaid bill\u00a0can hurt your chances.<\/p>\n
Where as a\u00a020 percent down payment used to be the golden ticket to an easy loan process, times have changed.\u00a0 In today’s tight lending market buyers are having to cough up more than that to prove they are worthy of a loan.\u00a0 Add to that the ability to show cash reserves and\u00a0proof positive that you are gainfully employed.\u00a0\u00a0Veteran realtors say this is a reaction from banks to the\u00a0 loosy goosy lending practices from over the last decade.<\/p>\n
“We had in a sense you could say promiscuous lending to begin with a few years ago,” says Whit Prouty of Strong and Prouty Realty.\u00a0 “Now we have the crash and the lending pendulum has swung in the opposite direction.”<\/p>\n
This, despite a 200 billion dollar infusion of cash to the banks by the Obama Administration to ease the credit crunch.\u00a0 Most prospective home buyers will tell you they’re not feeling it yet.\u00a0 Even the Federal Housing Administration which has been charged with helping more people get into homes is also tightning lending practices.\u00a0\u00a0\u00a0\u00a0<\/p>\n
Buyers\u00a0in expensive, high end markets like New York, Los\u00a0Angeles and San Francisco face\u00a0the additional difficulty of high prices.\u00a0 Most borrowing requires a jumbo loan to cover the cost of the house… and\u00a0good luck getting one of those any time soon.<\/p>\n
There might be a light at the end of the tunnel when it comes to a housing rebound, but realtors say it’s dim and distant at the moment.<\/p>\n","protected":false},"excerpt":{"rendered":"
If you’re in the market for a home these days, you might have a tough time trying to figure out whether it’s a buyers or a sellers market.\u00a0\u00a0\u00a0\u00a0Homeowners looking to sell their homes are having to drop their prices, but buyers are having a tough time getting even the smallest loans from the banks. Even […]<\/p>\n","protected":false},"author":5758,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-493891","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/493891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/5758"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=493891"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/493891\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=493891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=493891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=493891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}