Is (20)13 your lucky number? It very well may be if you are in the market for a new home. According to a Wall Street Journal article published this Sunday, prices have begun to climb and “there’s a Window of Opportunity before prices start a faster upward march”. With interest rates the lowest we will most likely ever witness and home prices bottoming out (and starting to rise in some areas), home ownership may never be more affordable and this may be the best opportunity you may ever have to own your dream home.
Now keep in mind that lenders are being far more cautious now and it takes more than being able to fog a mirror to get a mortgage. Standards have gotten more ridged, with requirements of higher credit scores and larger down payments. Some lending programs, such as FHA and USDA, do require less down payment but these come with additional eligibility guidelines, fees and qualifications. So, what does all this really mean? It means that if you want to take advantage of the market, you need to have good credit, a down payment, steady income and supporting documentation. All-in-all, these are pretty sound requirements.
Please click here to read the full WSJ article, or feel free to contact me with questions.
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