What credit crunch? That’s what many home buyers with solid credit and enough money for the down payment are saying during the current downturn in the real estate market. They are much better positioned than they were before the market turned down.
And now, even the 30 year fixed mortgage rate is at a low. Home prices almost everywhere have fallen. If you want to buy a home, and you have the credit qualifications, it’s a great time to buy.
So what changed?
Because of the housing slowdown, mortgage rates have dropped. Since houses aren’t selling, lenders are doing everything they can to entice buyers, including low lending rates. Treasury securities and the housing slowdown helped force mortgage rates down.
Home prices are lower now than last year, and down in most states according to the National Association of Realtors. Buyers with sound credit have a ton of bargaining power. For some, real estate appraisals are producing lower home values, allowing buyers to renegotiate the price.
Lenders fear the subprime market crisis will continue, but still some offer jumbo loans. Community and national banks have stepped in to...
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