You can still get a loan and buy a home!
The credit markets are sure driving the world nuts right now!
And the nervousness in the Realtor world is almost palpable!
Buyer’s do not think they will get their loan.
Seller’s do not think they can sell, because they won’t be able to get their loan to buy the new house OR their buyer won’t get their loan!
And the nerves compound as the stock market twitches!
Yet, my mother (I think it was her) used to say “When you get lemons make lemonade”.
Where is the lemonade here?
Nervous Sellers? Nervous Buyers? Nervous Realtors? Nervous Lenders?
The truth is, the seller who called who has a 2 year old is still going to need more room, and said he did not think he could get his loan to buy a place. He does have a 720+ fico score and he really needs to talk with his lender, and get pre-approved. Get a locked interest rate.Then buy a place while the Seller is still nervous. But which lender?
(BTW, You can still buy right up to the maximum mortgage limit without going into an "ALT-A" loan. "ALT-A" loans are the non conforming products like limited documentation, stated income, etc.)
I recommend you find a lender who has been through this before…someone with 20+ years experience who know how the boat rocks and what to do about it. There are 4 good, qualified trustworthy Colorado Lenders at: http://www.denverrelocation.com/lenders.html. Two are "young lions" and two more mature and experienced lenders offer over 20 years in the mortgage business each. Both have seen this before. As a matter of fact one sent me this article http://tinyurl.com/2syu9g to me (note the date is July 2007) about looking backward to see where we are going. Sad thing is I remember most of it. In short, the Fed won't intercede. (OK I was wrong! They did.)
The credit market is changing daily and a qualified, experienced loan officer can make all the difference in your home buying experience. Sellers still need to sell. If you can buy, you have the credit scores, down payment and job, now is a great time. And remember, all real estate markets are localized. It may be awful where you currently live, yet 20 miles away it can be booming.
You know, every real estate deal is different and offers it own set of challenges. The following is not brag, just fact. One of the things we offer is approximately 1100 deals done over the past 22 years. Every transaction provides 3-4 new experiences or challenges, so that is between 3300 and 4400 challenges that we have already faced and we are prepared to help you face. That is why an experienced Realtor is so valuable to you in your next real estate transaction.