Are You Ready To Own A Home Again in 2016?

By
Real Estate Agent with Real Living Real Estate Solutions

Home Ownership

So many apartment complexes are filled up with people who would rather own but don’t think they qualify. Most people are surprised to find out that a “short sale” or “deed in lieu” of foreclosure before December 2012 is no longer be held against you. In fact, day by day, people who lost a home to foreclosure in 2013 are getting their families settled in a new home with some very attractive interest rates and some excellent home prices that are currently below 2005 levels.

If you are a victim of the Mortgage Melt down, “you lost your job”, had a “change in marital status”, or suffered a “personal loss”, housing could be the bright spot for you in 2016.

The FHA loan limits are at $274,850. Carol and I just closed a new single family home in Windermere, FL within the FHA lending limits. That’s correct...Windermere...New!...Under 300k... and walking distance to a brand new elementary school. I know some of you find this hard to believe.

Approved

Some people are stuck on the fictitious 7 year penalty for bad credit but that rule is long gone. In fact, if you had a bankruptcy discharge in 2014 you may qualify today, all you need is to have established 2 good lines of credit since the discharge and you could be spending next New Year’s Eve in a brand new home.

What does this require?

  • You need to prove you can afford to pay the mortgage which should be 28% of your income.
  • You need to explain to the bank how you got in trouble before,
  • (I personally believe) You really should have at least 3 months of savings in the bank after your 3.5% down payment

Do you have more questions? Do you want to own a home in 2016? Then you should be calling me right now!

Comments (1)

Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Tony - I think you are right that many people don't realize they could actually qualify to purchase a home sooner than they think. Thanks for trying to get the real message out there.

Jan 06, 2016 12:44 AM