Getting a Mortgage Tougher for Buyers

Difficulty in landing a mortgage is keeping many buyers out of the market.At the peak of the housing boom, about 20 percent of the mortgage market was subprime, and nearly 20 percent was “Alt-A loans” or “A-minus” loans, typically offered those with good credit but with high debt-to-loan ratios or little or no proof of income.Both categories are now nearly extinct. That means about 40 percent of the residential mortgage market has all but disappeared, according to David Olson of Wholesale Access Mortgage Research and Consulting.

“The underwriting has really tightened up,” Olson says, “Before, if you could fog a mirror, you got a loan. Now, that’s not the case.”

Nationwide, practitioners say they are encountering more potential buyers who can’t get financing.

“Buyers come in with confidence, and once they have talked with a lending practitioner, it’s like they’ve been hit over the head with a ton of bricks,” says Dean Moss, an agent at Keller Williams Fox and Associates Realty in Chicago.

A study conducted using data from a Reno, Nev., multiple listing service, found that about 30 percent of sales haven’t closed after 90 days. Practitioner Guy Johnson, who analyzed the data, suggests that buyers stay on top of their loans, checking in with their lender frequently to make sure the loan for which they’ve been approved is still the same.

“A loan commitment letter,” he adds, “isn’t really as solid as it once was.”

Source: USA Today, Anna Bahney (08/05/2008.

 

Nia Knowles, Realtor

AREA West Realty Group, llc

Certified Short Sale and Foreclosure Specialist

  • First time homebuyers’ Agent
  • Listing Agent/Seller specialist (Investor, Relocation, Pre-Foreclosure,Estate Sale)
  • Atlanta down payment assistance expertise
  • FHA 203K renovation loan experienced
  • Broker Price Opinions (BPOs)

Hello! Welcome to my blog. I hope you’ve found it to be helpful.  If you are in the market to Buy or  Sell a home within the South West Atlanta area, please feel free to give me a call.

I am a local West End resident and specialize in two of the best In Town neighborhoods of Atlanta; Historic West End & Westview.  I’m not just saying that we are the best,I have found this to be true- I moved  here from East Atlanta!  If you are looking for homes reasonably priced, spacious, character filled and a TRUE sense of community within the city-  we’re here for you!  

For further information about each please view : www.westviewatlanta.com or www.atlantawestend.com contact any of the listed resources for neighborhood information as well as stats on crime, schools , shops.  Unfortunately my time is limited to my clients so I am unable to provide any general insight to our community beyond what I list on my blog.   However, after reviewing the above sites, and speaking with other residents, I’m sure you’ll come to agree these are great neighborhoods to relocate to and invest in.  Also, both communities have leaders that will provide walking tours.

If you are interested in becoming a client- feel free to give me a call 404-414-3289 or email niaknowsrealty@yahoo.com to set a time for us to meet. I look forward to working with you!

Want to know more about me? “Google” me- see all that I do within my communities, I’m serious about the continued growth and redevelopment of these wonderful communities within Neighborhood Planning Unit-T (NPU-T)!

 

Nia Knowles 

Skype ID: nia.knowles