Mortgage Money Still Available…
October 3, 2008
Everyone knows that the financial markets are under significant stress. Large institutions have failed and inter-bank lending has nearly come to a standstill. Never-the-less, mortgage money is still available. Anecdotal evidence suggests that this not widely understood.
My intention with this post is to reassure potential buyers and hopeful sellers that qualified individuals can still get home loans. Remember that the Government bailed out Fannie Mae and Freddie Mac. The whole purpose of this nationalization / rescue was to maintain liquidity in the mortgage market.
This does not mean that loans are as easy to get as they have been in the past. Certainly some types of loans – jumbo, low-down payment, stated income – are getting harder to come by or have completely disappeared. However, prospective buyers should still apply for financing. Many will be pleasantly surprised.
