Yes, mortgages are still available


Yes, mortgages are still available
By Scott Rogers • October 7, 2008
In talking to people in Harrisonburg and around the state lately, I have heard several people comment about how it is now near impossible to obtain a mortgage to buy a home. This has not been my experience --- I am still seeing most (reasonably qualified) buyers having no problem obtaining a mortgage. A few caveats: It may be difficult to borrow 100% of the purchase price (unless you are a qualified veterman) It may be difficult if you need to borrow based on "stated income" or "stated assets" Somewhat of a restatement, but It may be difficult if you have no money in the bank for a downpayment and closing costs Here are a few excerpts from a memo I received last week from Coldwell Banker Mortgage: "Over the last few days, we have received many questions in regards to the availability of mortgage funds in the credit markets. Now that the Federal Government controls Fannie Mae and Freddie Mac in addition to FHA and VA, these traditional sources of mortgage funding are still readily available." "In markets characterized as "stable", conventional financing is available to a 95% LTV while a first time home buyer can potentially obtain conventional financing to a 97% LTV." Read the full memo here. If you are considering buying, don't be scared off by a concern that mortgages are not available. In fact --- in addition to mortgages being available, 30-year fixed rates are very low right now! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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