The American dream of home ownership in BATON ROUGE LOUISIANA is still attainable, only the rules have changed and buyers need to be made aware of them. Exactly one year after  the collapse of the housing market triggered the financial meltdown, most lenders are requiring more money up front along with higher credit scores and proof of income. I just recently had a buyer in BATON ROUGE LOUISIANA  that was turned down for a $215,000 mortgage. This young, hardworking couple was applying for a VA loan and had $47,000 in cash for the downpayment & closing costs along with a FICA score of 750. Problem was, he is a 4th generation store owner in BATON ROUGE LOUISIANA and their income was hard to prove. The lender said they could not consider his wife's income because she was working in a field that she did not major in. Isn't that CRAZY! My suggestion to any buyer is to make sure all paperwork is in order. Patience and persistence is required. And NEVER ask about a sub-prime mortgage.

 We are having to work by a totally new set of rules from a decade ago when home prices soared and mortgages were easy to come by. For people that are trying to sell their homes, the rules have also changed. Be patient and maybe even lower your asking price because the balance of power has swung towards buyers. Housing bubbles have happened before and experts warn that it could happen again. Already, home sales and prices in the BATON ROUGE LOUISIANA area are rising slowly, being helped by tax incentives for first time home buyers. Hopefully it will continue to rise