For Buyers
“I will never qualify for a mortgage!”
Tony Gallegos wrote a wonderful article supporting the idea that, yes, you too can still buy a house.
“But, I will never qualify for a mortgage!” I hear this all the time when talking to people who do not own homes. They are paying rent in an apartment they hate or living in a house that is someone else’s home, paying their mortgage.
They would love to have their own walls, yard, space, but they think it is impossible. Now, sub prime lender blow ups and talk of housing bubble bursts are popping more than just economics – it is popping dreams.
To this I say, “Just try it on!” There are tons of mortgages still being approved. In fact, the stricter rules will be better for the consumer in the long run. Tightening the rules keeps a handle on the interest rates. It also helps home buyers from falling into the all too often trap of buying more house than they can afford.
Thats why the Government created FHA loans. These types of home loan are approved based upon a common sense approach to lending rather than a credit score driven approach.