In the past few years, getting a home loan has been easier for so many that wouldn’t have been able to otherwise own a home. I’ve heard this comment more than once, “If you could fog a mirror, you could get a home loan”. It was a happy time for so many first time home buyers. Unfortunately, a lot of those same homeowners are now paying a steep price: foreclosure. Where did we go wrong? The “old school” way used to require money down, good credit and a steady income. Maybe it’s not such a bad thing that we’re required to be more prepared in the home buying process. The current state of lending requires us all to make sure we’re financially ready to purchase our home, (for real this time) and more importantly, afford to stay there. Lenders generally use the same basic guidelines to approve you for a mortgage: Income, credit history, savings, and property/collateral. Make sure you’re primed (no pun intended), and you’ll be a happy homeowner for the long haul.

Another Bright Side: Buyers are in a better position now than the last three years. There is higher inventory, therefore more sellers who are willing to negotiate!

See more info at: http://www.plotscout.com.