Pura's Blog

I'm back!!!  Before I get started, I want to give big kudos to those RE professionals, who have posted some very insightful and useful information on their blogs.  I enjoy reading them as much as enjoying posting on my own blog.

The news about the RE market continues to make headlines and so does the ongoing woes of our economy. BUT, it seems that Buyers are really trying to do their part and are jumping back into the market, which would undoubtedly help stimulate the economy and boost the consumer confidence. 

However, lenders are in retreat mode.  As I stated on earlier postings, it is no longer a matter of a solid work history and a desire to buy.  Buyers have to be able to show commitment - meaning a down payment and good FICOs and no late pays and, and, and....  The 100% financing days are becoming nothing more than a mere memory of the not so long ago, out of control booming past and will soon fade into the sunset along with nameless subprime lenders and the other casualties of the market.

It is understandable that lenders fear getting burned again by over leveraged home buyers, but now the newest group of first time home buyers are being shut out; not because of credit worthiness, but by the indiscretions of the X-subprimers, which include many lenders, who green-lighted many rocky loans.

To all the Buyers, who are seriously looking to buy, don't let the grueling lending process dissuade you.  It is your time to make a great deal.  As carefully as you are looking for the 'perfect home', be as persistent and diligent in getting your financial house in order: keep documents at the ready, pay your bills on time, don't overspend and do not make any employment moves right before or during your RE transaction.  Most of all, find a Realtor to represent you. Your Realtor will be your best asset and can help the stress of buying your new home a cake walk.