Keeping up on the Latest Changes in the Mortgage World



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Keeping up on the Latest Changes in the Mortgage World

 Today we have a special guest with us to discuss the latest changes happening in the mortgage market. We are here with Evangeline Scott from Partners Mortgage and we want to talk to you about change coming soon.

After you have gone through a short sale or foreclosure, you have to wait 2 years before you can qualify for a conventional loan, provided you put 20% down. This standard is now changing, to 4 years. This will cause a lot of problems for people, especially those who have been waiting to hit that 2 year mark so they can purchase a new home. If you have been waiting to purchase a new home after a short sale or foreclosure.

FHA financing is a little different. If you meet certain requirements, you can qualify immediately to purchase a new home after a short sale or foreclosure. If you qualify for the "Back To Work" program, you can qualify after only a year.

People now have a feel for what's happening in the industry and interest rates have been stable, so we are seeing quite an influx of buyers.

The way this market is playing out, the fact that there is no news is good news. Houses in great condition that are priced correctly are selling fast. Those that aren't are not selling. The market is becoming much more compact now and there are less homes to choose from. A lot of people seem to be listing their homes just to test out the market, but we would invite you to give us a call before you decide to do so and we can help you determine when is the right time for you to put your home for sale so you can take advantage of the market.

If you have any questions, please feel free to give us a call or send us an email. We would be glad to help you out or point you in the direction of somebody who can.

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