The Great Recession, which officially began in December 2007, brought with it hardships for many Americans. Unemployment levels soared as countless businesses closed their doors. The American Dream became difficult for many homeowners to hold onto as foreclosures and short sales skyrocketed.
The silver lining of this economic crisis has been the extraordinary opportunities created for first-time home buyers. Mortgage rates have hovered at historic lows, making home ownership more affordable than it has been in decades. Though banks have tightened lending guidelines, there are still plenty of loan programs to assist borrowers with fair to excellent credit.
The Great Recession has been the worst recession since the Great Depression. However, thanks to the swift bipartisan efforts of our government and the determination of the American people, recovery has begun.
Economists at Fannie Mae, Freddie Mac, and the Mortgage Bankers Association have...>>Continue Reading The Great Recession’s Great Opportunities for First-Time Buyers