What is going on with economy today!

Mortgage and Lending with Evolve Bank & Trust

Market Trends and The Economy



"I just lost my job!" How many of you have heard these words over the last several months. If you are like me, way too much!  I did not quite know the impact of those words myself until it happened to my husband recently.

It is sad to see that larger companies are still steadily letting employees go. Many of the times it is the employees with the most tenure and experience that are let go. I think they rationalize this by the income that these employees are making.  Of course does job loyalty and experience account for nothing anymore?  Appears NOT!

My husband was the salaried person in the family that carried benefits for our family.  Medical insurance is another issue that needs to be addressed these days. People are losing their jobs and insurance daily. Something must be done to help these families. These are hard-working middle income families being impacted.  If you haven't priced private medical insurance lately, I strongly encourage you to do so! It is outrageous and coverage minimal at best.  Do not even get me started on prescription drugs! There definitely needs to be some relief there!  Those of us that are self-employed real estate & mortgage professionals realize the significance of good medical benefits for sure!

Changing to a positive tune, there has been much improvement in the housing market, especially for first-time homebuyers here in the Mid-South/ Shelby County TN area. People that have never really considered buying are doing so, thanks to the tax credit they can now benefit from. Keep in mind the definition of first-time homebuyer regarding this credit is that you could not have owned a home within the last 3 years. A lot of people are unaware of this. There are also so many people that are eligible for VA loan benefits like my husband that have never used them before. Keep in mind with a VA loan you can actually still be in the middle of chapter 13 bankruptcy, but have made on time payments for at least 12 months and possibly still qualify to buy. You will need to have current credit tradelines in good standing, but it is possible. VA also allows a higher debt to income ratio than even FHA.  VA is the only true 100% loan still available. There are FHA lenders out there that are still doing loan with a middle fico  or credit score >= 580 too! Now is the time to see if buying a home and taking advantage of the tax credit is possible for you!


Let's all work together and make a difference in this difficult time we are facing!




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Karen Love