As everyone knows, mortgage lenders have significantly tightened their lending standards. If you know anyone who wants to buy a home, but aren’t sure if they qualify, you might pass this information along.
There are programs available to help specific groups of people to obtain home financing. There are many vets coming home that will be looking to buy a home. The Veterans Administration has a great home loan program available. The USDA has programs available for people buying rural properties. The FHA has a program for buyers looking to purchase and renovate a home. Seniors over 62 may want to check into a purchase reverse mortgage. A recent client of mine bought a home using a purchase reverse, and it enabled them to get a nice retirement home with no mortgage payment, which enabled them to preserve more of their savings for living expenses. Many states including Arizona have programs designed to help revitalize neighborhoods will help the buyer with down-payment money to buy specific properties within the program area.