Recently, as I was having a conversation with one of my Agents discussing the Fannie Mae HomeReady Loan (neat option for first time – low income buyers if you haven’t checked it out… http://bit.ly/1Q8biOM) it crossed my mind the huge shift that has occurred in the mortgage industry. 2007 saw more the 5 million American families lose their homes to foreclosure. The fall out of this for many people aside from the devastation of losing their homes was the effects of destroyed credit and how that tragically affects their families. Paralyzing for many I’m sure.
With the onset of 2015 the seven – year period became a game changer for many borrowers who can now qualify for new home loans & lower interest rates. Although not all lenders are on the same page there are some larger lenders that definitely have started easing credit access. I do see an upward trend where more and more buyers are actually getting approved a bit more easily now. That coupled with new available lending options…
it’s so nice to see people becoming homeowners and finding stability in their lives again.
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