Atlanta Home SELLER'S CHIN UP!!!! There's STILL Plenty of Money Available for Qualified Atlanta Home Buyers

In light of the credit crisis that we have been dancing around the past few months, both buyers and sellers are worried whether or not there is any money available for home financing. This is especially troublesome for Atlanta home sellers.

The good news is that as long as your home is priced to market standards, qualified buyers WILL and CAN get financed.

So, if you need X amount of dollars to get out of your home, but the last homes to sell and go under contract are not comparable, banks cannot lend more than what the "equation" will allow for.  

We are certainly in troubling times with banking giants such as Bear Stearns, Lehman Brothers failing in addition to the rest of the negative news that I don't need to dredge up again.  Consequently, there is a lot of fear with buyers and sellers. So, given the financial situation our economy is, is there still money available for home financing? 

The answer is a resounding yes!!!

In recent weeks we saw the federal government take control over Fannie Mae and Freddie Mac, the largest buyers of mortgages.  What this means is that the federal government made sure that there is liquidity in the mortgage market by providing financial support to allow Fannie Mae and Freddie Mac to continue to buy and sell mortgages.  Not only did this move provide for increased liquidity, it also contributed to the lower interest rates which we have seen over the last few weeks by easing the minds of investors in the mortgage backed security market.  With the government stepping in to provide financial support to these two institutions, it all but assured the continuance of available funds for home financing. 

Also, the bailout has now been passed, making buyers more at ease in wanting to purchase.

So,how do Atlanta home BUYERS get financing?? The easiest way for buyers to get financing is to work with a qualified mortgage broker that understands the new laws and guidelines. It's no secret that underwriting guidelines have tightened up significantly over the past year.  Does this mean if you have mediocre credit and less than 20% down you can't get a loan?  Absolutely not.  Yes, there are higher credit standards and larger down payment requirements, but there are loans available. 

In conclusion sellers.....CHIN UP! Despite the troubling news we seen recently in the financial markets, there is STILL money available for home financing and recent initiatives by our Federal government assured that.  Buyers will begin to get back into search mode and we'll see the market begin to improve gradually and then very suddenly.

I ONLY work with standout mortgage brokers that make sure my buyers get the PROPER financing and help sellers see their closing all the way to the end of the line.