Yesterday I attended a meeting of my local board of Realtors. The speakers were bankers and they confirmed a lot of what I knew, hoped, to be true. There is money out there.
FHA is alive and well. For those of us in rural areas there is USDA (100 percent financing) . There is VA as well. Conventional loans can be had at 10 percent. So what is the problem?
The problem is consumers are shopping on line a lot for loans. They are not working with companies that have track records in their area. They are avoiding local banks. In effect they are buying the sizzle and not the steak. So they are literally be left at the Altar ( the closing table ) high, dry, and non funded.
Now more than ever it is important to work with a local Realtor. Will the Realtor make your loan? NO ! But the Realtor will have worked with enough loan folks to be able to separate out the good from the Hype.
So the good news is prices are great , inventory is good, Rates are good. Why not buy and use a professional to avoid surprises with your financiing ?
