Tallahassee Mortgage Loan Qualification
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{ 3 comments… read them below or add one }
I would love to be a first time home owner. I am not sure how to go about buying a house in foreclosure.
Not being connected with either the banking or real estate industries, I don’t know if this is reasonable idea or not, but I have a suggestion that might help with the housing crisis.
If you wanted to sell houses fast to those who can’t “afford” to buy under traditional 30 year fixed terms, wouldn’t it make sense to lower the per month mortgage cost? Perhaps it could be done by instituting a 40 year fixed rate mortgage. It would lower the rate for the buyer to get a class of people who have steady jobs, but make less money than others. That would allow those who live in a decent place and have the option to pay more when the economy gets better. It might help clear out the inventory of lower end houses. If it does that, it might help stabilize neighborhoods now rife with foreclosures. And, it might also allow sellers not in foreclosure to charge what they feel is a fairer price, rather than being forced to chase the market down.
I’m writing this as part of a household that is able to afford about $900/month in rent, but haven’t been able to be approved for even $500/month for a 30 fixed mortgage. (We are tired to wasting rent money, but can’t approach a house in our kid’s school district otherwise.)
Hey “AR”
This is a great point and it certainly is reasonable. The reality is that there are very few “outside” of the box thinkers in the mortgage and real estate industry. During the boom, the “outside of the box” thinkers created scams, so we will see even more resistance to common sense now than we did in the past.
Most likely, there is a “now” fix for your problem. You just cannot go about fixing it with traditional solutions. I would recommend that you check out our list of homes that offer creative or special financing to see if there is a match for you and your situation. You should also get a free credit report analysis to see if there are some quick-fix strategies that will allow you to receive traditional financing solutions (they will often times be the lowest interest rates).
Thanks for the great comment!