Homes More Affordable Than Ever, Mortgages More Difficult to Obtain
Murphy’s Law has reared its head once again: homes in North Texas, and the nation for the most part, are more affordable than they’ve been in more than three decades. Unfortunately, mortgage guidelines are more strenuous and therefore it’s harder to obtain a loan today than it has been in 15 years.
Don’t let this news discourage you – there are still plenty of great loan programs available and the means of getting them are still attainable for most. If you’re one of the fortunate, then now is a great time to move up, or down, in home size or purchase that investment home, vacation home or retirement property you’ve been secretly considering. Today’s home prices and low-interest rates make it possible for many to purchase properties they wouldn’t have otherwise considered. Be sure to prepare a budget and know exactly what you’re able to afford so that you never over-buy and put yourself in a financial predictament.
This is an especially good time to purchase an investment property. Those with good credit and solid income are finding it easier than ever to buy homes and earn additional income from rental properties. And, as foreclosures continue, the demand for rental properties will continue to rise.