We experience it in driving, in parenting, and in lawmaking.
A common result of fear or a sudden scare is an over-corrective action which can end up doing more harm than good.
Luckily for homebuyers, legislators and lenders are beginning to right the ship. In the wake of the meltdown in 2008, drastic measures were taken to avoid accusations of irresponsible lending practices, shutting out a large market of potential buyers. Investors with all cash in hand were acquiring homes that new families or young couples wanted, but the difficulty of securing a loan put them just out of reach. Now, a final ruling has been made that will loosen the grip on mortgage qualifications.
A proposition that would require homebuyers to put a minimum of 20% down has been ruled out, making the American dream of owning a home much more attainable for low to mid level income buyers or individuals with less than perfect credit. Institutions that have been operating stringently out of fear may now breathe easier, a s the perimeters for what constitutes reckless or questionable lending practices are more clearly defined, and include a more forgiving attitude than we have seen.
The ability for real people and hard working individuals to once again be homeowners is in part a large contribution to the recovery of our economy. If you’re ready to achieve your dream of owning a home, contact the Gracik Makinney Group today at 630-441-5570 to discuss your options! You can also visit us online at www.MariaAndTom.com and check out great Elmhurst area listings.