The surprises don't stop, even in this market. However, this time they are pleasant surprises.
The Loudoun County resale market doesn't have its usual energy this Spring, to say the least. Coupled with tighter lending practices, my associates and I were bracing (although we're always hopeful) for a tough Spring...it would take a text book buyer to get qualified to buy in this market.
Then it happened...though we doubted it would, as did the several loan officers I spoke with...a high Loan-to-Value deal with low down payment got approved. And this just weeks after the Countrywide announcements and the related industry news.
I'm told the buyer never doubted it...the mortgage broker never doubted it...but what about underwriting? They have the final say. "Approved", they added.
So, "congrats" to that buyer...they'll get a lovely home, at a great time to buy. Congrats to the seller, too...somehow all their hard work to make their home the one selected from many paid off.
Any other brave souls out there? It really is a good time to buy a home (especially in Loudoun County!).