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Are Mortgages Actually Available
The simple answer is "yes" but the mortgage you can get today is way different from the one you might have gotten away with as recently as last year. There are at least four mortgage sources you might want to consider if you are hoping to buy a home in the Sarasota area while prices are still low. Before the big "mortgage meltdown," people were able to qualify for a mortgage without even having to prove their actual income, among other things. Today, you'll not only have to be able to document your famly income, but you'll also have to provide information on other assets and liabilities that you have. Mortgage lenders now also want to accurately measure your "debt-to-income ratio", that is, what percentage of you total and take-home pay will be consumed by this mortgage if it is approved. And, there are now few, if any, no-down payment or ridiculously-low down payment loans. If you meet these qualifications, there is mortgage money available. Mortgage approvals are now based on the more reasonable bases on which mortgages were granted before all the foolishness began a few years ago and the mortgage business eventually crashed and burned ... more
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