In Scotland, homeowners paint their door red when it is paid off. Well, my door is not quite red yet. Until then, leasing is a great option in the Austin area to determine where you want to live. The whole dynamic atmosphere makes it hard to know if you would really like living in a place until you actually live there. I love the Clarksville area myself, but it is not for everyone. It’s fun finding great spaces for people to lease then help them find that perfect morsel after living there for a while. That being said, there is hope on seeing some light on the horizon on lending and some loosening of more mortgage loans for those of us without pristine credit.
Mortgage lenders could get a lot more willing to extend loans to borrowers with less-than-pristine credit if Fannie Mae and Freddie Mac give them more clarity on what circumstances will trigger demands that mortgage originators buy back loans that go bad, according to the Wall Street Journal reports this week. If their federal regulator goes along, Fannie and Freddie may also roll out new programs allowing them to guarantee some mortgages with down payments of as little as 3 percent. Fannie and Freddie, which require mortgage insurance for most loans with down payments of smaller than 20 percent, will currently buy mortgages in which borrowers have made down payments as small as 5 percent, according to the WSJ Reports.
If you are considering making a move, contact me, and I can help you find some places to call home!