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"Absolutely. It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors."
The Real Estate market for home buyers is not dead or stagnant. There is plenty of money made available with many small down payment options, and there are even still some 100% financing options in specific areas...and the income eligibility is not as picky as many would think.
Harney noted that 90% of loans in America today are made through FHA. The interest rates are still low, and the underwriting isn't necessarily all that tough• Despite the global financial system's quakes, mortgage rates remain low by historical standards. Home prices, pushed by foreclosures and short sales, have rolled back to 2003 and 2004 levels or lower in many of the former boom markets. As a result, growing numbers of buyers are coming off the sidelines, making offers and writing contracts.
David G. Kittle, president and chief executive of Principle Wholesale Lending and incoming chairman of the Mortgage Bankers Association, said "the mortgage market has never shut down" despite the global financial crisis.Matt Vernon, a national retail mortgage sales executive for Bank of America, said, "we've got more than enough liquidity" to handle mortgage demand. "We are open for business." Most of the bank's production is now funded through the FHA, Fannie and Freddie.
If you are looking to buy, don't put it off for the simple fact that you assume you can't get a loan. Decent credit scores, typically 600 or better, means that you have plenty of loan opportunity. Don't give up on your dream of home ownership just yet.
Make an appointment with your mortgage guy to meet at Starbucks and talk about your options. See you there.
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