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Home Building Articles

Lending in our brave new world

August 18, 2009

Lending in our brave new world

Everyone has heard of the "credit crisis". No money for anyone. WRONG!! The only change in lending is the rules have tightened up. In too many cases, people who cold not qualify or afford a mortgage before were still approved for loans they could not qualify or afford. That has changed. Monies for construction loans or mortgage are still readily available. Anyone who can demonstrate good credit and the ability to pay will find very good loans available. The changes have good and bad implications to borrowers. One of the best results is interest rates are very low. A borrower will now pay a lot less for the home he/she can afford. One of the "bad" results, appraisals are underwritten tighter than in the past. However, overall it seems that the fear of financing is much worse than the reality.

*Compliments of Acquisition Funding