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The home that we purchased was a foreclosure; sold for less than half of its previous sale price of $99,000 in 2005. We were consistently discouraged by realtors from viewing properties in our desired price range (sub $75,000). Also, we were approved for well over $100,000 in financing, but when we found a home for under $50,000, none of the big lenders wanted to finance us. Our mortgage broker abandoned us, and told us to work with our local credit union.
It shows how the industry does not reward consumers who want to stay in a comfortable, responsible price range. Affordable housing will eventually bring investors back into the housing market. Here are a few tips for buying a home: Thoroughly investigate all lending options (including your local credit unions),save enough money for a sizeable down payment , refuse to be pressured into more house than you can afford and avoid an adjustable rate at all costs
Article Source: http://www.articlemotron.com
We purchased a home in Indiana 8 months ago. We purchased in a timely matter, because shortly thereafter mortgage funding became sparse as the sub-prime lending empire began to crumble and local manufacturing
We purchased a home in Indiana 8 months ago. We purchased in a timely matter, because shortly thereafter mortgage funding became sparse as the sub-prime lending empire began to crumble and local manufacturing jobs dissolved due to the ailing RV industry (gas prices), we had to sell rent back .
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