We hear it from sellers all the time. They had their house on the market and even had it under contract. But the buyer’s financing fell through.
“Constrained credit availability has decreased the number of purchase mortgages being made in the current environment, especially for prospective owner-occupants.”
So the house they wanted sold and thought they had sold still was theirs to maintain. Since the beginning of this year qualifying for a traditional institutional mortgage to purchase a home has become even more difficult with increased credit score requirements and lower allowable debt-to-income ratios. The pinch is being felt across broad areas of the homebuyer spectrum as “many prospective borrowers with FICO scores well above 660 are affected by the tight credit box.” Sellers are struggling to sell good properties — even if they are custom beauties and especially if they are in need of some TLC. At the same time good buyers are struggling to attain the American Dream of owning their own home. And the team at HappyHouseBuyers.com is here to help both of them today as we have been for the past 10 years. How can we help you?
Let us know … and have a HappyHouseBuyers.com day!
The Urban Institute
HOUSING FINANCE POLICY CENTER COMMENTARY, March 13, 2014
Looking forward to getting our new blog set up on our freshly updated web site!
The Seller Solutions Team at HappyHouseBuyers.com
solutions (at) happyhousebuyers.com