Market Volatility and Confusion

Wow! Have you been watching the stock markets lately? It's mind bending to sit back watch the amount of money that is traded daily. But how does that affect us in the Texas real estate market? First, interest rates are staying low, or even going lower - depends on what day you watch the market. That has long term good for home buyers all over it.
As I talk about in other areas, if you have good credit, this is a great time to look at buying a house, or even investment grade property for long term growth. In this area we have been affected by the rest of the country, but have a lot of growth still ahead.
What is making things tough for some is that the lending world is getting more stringent and you will need to prepare by having your credit in order and having some cash on hand. If using conventional loans, they are not funding 100% at all right now, you must have some cash in the transaction. It will depend on just how much, but unless you are using a VA loan, zero down is virtually gone for the near future.
John Garbo over at Supreme Lending (jgarbo@supremelending.com) tells me that they have a lot folks looking at FHA now. They still require the buyer to participate in the transaction with a minimum of 2.75% in either a down payment or closing costs, or combination. That makes it easier than 20% for the old conventional standard.
The news can be confusing, but reality is that homes are easy to purchase if you prepare. Just because the news has horrible sounding headlines does not mean that we are not bucking the trend here in Texas.
Call me and we'll talk details and get you moving on that home purchase.