Rebounding Columbia Homeowners Get Ready To Jump Back Into Home Ownership
Many Columbia homeowner who have been faced with difficulty in the pass that may have even resulted in the loss of their home. I bet we can even find that many have been on the sidelines, living in a rental apartment or in their in-laws’ spare bedroom, Patiently waiting and planning for another chance at home ownership. If this is you please know that you are not alone. I know you have been focused on rebuilding their credit, saving up for a down payment, and watching the interest rates descend to record lows while rents creep upward.
For those rebounding Columbia buyers eagerly waiting; Welcome to the new, always changing, confusing and often capricious world of "Mortgage Lending" It can be discouraging reading that Fannie Mae' requires a 600 FICO score, but then the lender may overlay its own requirement of a 640 FICO score,” Lender conflicts over the effect of a “unfavorable event” like a foreclosure or a Short Sale can halt an otherwise promising transaction. Don't let a Short Sale or a foreclosure dampen your enthusiasm for returning to the housing market.
Many Columbia buyers are trying to qualify for FHA loans, largely because FHA allows a 3.5 percent down payment, but to qualify the lender may require 90% LTV when attached to an " unfavorable event" requiring a much higher down payment and a waiting period of three years after a Short Sale or a foreclosure.
I have found that the biggest hurdle, even for those who have gotten their personal finances back on track, is access to the mortgage market. “Many rebounding Columbia buyers have not recuperated from long-term job loss, loss of business income, or the loss of all their savings and retirement accounts. In some cases, Columbia buyers may be ready to purchase and have the down payment money saved. They may be able to afford monthly payments. But they can’t qualify for the loan needed to make the purchase.”
This environment of fewer mortgage insurers combined with tighter restrictions on income and credit scores, “means that some rebounding Columbia Buyers with "unfavorable Events" such as a Short Sale or foreclosed may be forced to lower their home expectations and work harder to save more for the down payment.”
As a Columbia Real Estate professionals I have an obligation to help rebounding Columbia buyers understand what it takes to get back in the market. “It’s an exhausting , step-by-step process, helping a client negotiate the intricacy involved in qualifying for another loan is a job I take very seriously. If you are reaady to jump back in call me today let's talk about how I can help.