The self employed and first time home buyer are finding it difficult to qualify for a loan. The tightening of money began in 2007 and the mortgage credit has not eased much. Low rates and the recovery in housing has borrowers seeking financing. The tight lending standards are even making credit worth borrowers from buying homes. What we are experiencing is buyers paying all cash, FHA for Lower Income borrowers are raising insurance Fees and are tightening Credit Standards. With all this said, The Real Estate Sales are containing multiple offers on properties.
Thanks for reading,
The Inman Team
Owner/Broker Keller Williams L.A. Harbor