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What is up with getting a loan?

Categories: Credit and Lending, Featured | Posted: September 15, 2010

I’ve heard it quoted all over the internets that Housing is what brought us out of The Great Depression and other Recessions, but why is it that Housing is so sluggish?  Well, it’s not housing that’s sluggish, it’s lending.  The potential buyers that walk through my model home doors today are facing the strictest lending laws I’ve seen since I got into home sales.  I see several people a week who desperately want to buy a home and take advantage of all the benefits available to home owners, but they can’t get approved.  Why can’t they you ask?  Well, it’s not all “Bad Credit” as you might think.  I hear one of our salespeople every week mention someone with 780 credit score, who makes 90,000 a year who can’t get a loan on a $120,000 home.  WHAT?  Yes.  Commissioned Salespeople and Self-Employed with good credit are pretty stuck.  FHA guidelines were written with a very specific box in mind.  And when they were written the lending market was very wary of self employed and 100% commissioned folks.  All of those people with potentially variable incomes are some of the people with good credit who can’t get a loan these days.  What’s ironic about all of this is that with the economic weirdness that has been happening, a lot of smart people who find themselves out of a job decide that they have a lot to offer and go into business for themselves.  Entrepreneurship always increases in times of economic instability and that gives rise to the next strong economy.  Well, we might not have that very soon until lending laws loosen up a bit.

UPDATE 12/13/10

I said it weeks ago and the Wall Street Journal is chiming in!

When is it a good time to make an investment in your future?

Categories: Celebrity Gossip, Featured | Posted: September 13, 2010

So, I have made an appointment to meet with Bryan and Nikole on Sunday evening.  Thankfully they aren’t picky eaters like my husband since I am cooking dinner for them.  I hope they like food with some spice in it!  I have been deprived of onions and garlic for the longest time (my husband hates even the smell of them) and I can’t wait to cook something with those ingredients in it.  Anyway, they live in our Ashford Park neighborhood which we just closed out a couple of months ago.  They just might be the youngest buyers we have ever had.  Both of them were under 21 when they went on contract in April of this year.  The burning question that makes them interesting as buyers to me is “when is it a good time to make an investment in your future?”  These two are waaaaayyyy ahead of the curve.  I told them this as they sat in my sales office.  I thought of myself and wondered how my life would be different today if I had bought a home earlier in my life.  I often meet people who have ridiculously low mortgage payments or have paid off their homes because they bought 15 years ago.  Since I am well over 15 years older than them, that secure home owner could be me…if I had just bought a home when I was their age.  So, I guess even though it is never too late to become a home owner, the reverse is also true:  It is never too early to become a home owner.

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