You may find a ‘financial diet’ is in order to get in shape to qualify for a mortgage. This mainly applies to first time homebuyers but could apply to those who are changing homes as well if you haven’t been watching those pennies close enough.
Today’s purchase agreement is now more helpful to the buyers than in the past. Now there a few built-in contingencies that unless superseded by other documents help to protect the buyer.
One of the biggest steps to adulthood is that first time one buys their own home. After living with your parents and then in rentals having to live by the landlord rules that next true step to freedom is purchasing your own home.
Part of the American Dream is to own that place out of the city with maybe a few acres, a pond or lake, and plenty of space for horses. It’s a popular dream as any of our listings with a few acres gets a lot of inquiries. But it sounds really great until you actually try to purchase your Land Dream Home.
A large portion of homes are sold with the buyers getting some sort of FHA financing, or requires the home to pass FHA appraisals. If your home doesn’t pass that test, your limited to conventional or insured conventional loans, or cash buyers. That shrinks your buyers market, considerably…..!