— Steve SchraderBachar, Central Iowa’s mortgage authority, explains that the perfect time to buy a home is now because “the banks want your money.” There was a huge decline in home lending in 2013, and the downward trend is expected to continue through 2014. The big banks have responded by loosening underwriting standards.
To increase income and profits, major lenders are making adjustments to their lending requirements. For instance, Wells Fargo has lowered its minimum FICO credit score for borrowers from 640 to 600. Also, JPMorgan Chase plans to lower its loan to value ratio.
What does this mean to first time homebuyers? It doesn’t mean that the average person can qualify for a mortgage to buy homes of celebrities that have recently returned to the market by Whitney Houston, Kelley Osbourne, Khloe Cardashian, and Jay-Z.
According to Steve, “lower mortgage standards means that we are emerging out of the Dark Ages of mortgage lending.”
Steve has written a book that educates homebuyers and guides them through the steps involved with buying a home. In The Complete Guide to Buying a Home in Des Moines, Steve shares secrets to the home buying process that include:
- How to find the right lender
- How to find the right real estate agent
- How to find great homes at great prices
- What to look for during the home inspection
- How to avoid making a financial disaster
- How to negotiate what's wanted in a home
The information Steve shares in the The Complete Guide to Buying a Home in Des Moines works equally well for homebuyers in Des Moines and homebuyers anywhere in the country.
“With my more than 13 years in the mortgage lending business, my main goal as a mortgage planner is to make a true difference in the lives of my clients,” says Steve. “Because I focus on educating the homebuyer, I’m passionate about understanding my client’s needs. I work with them to establish a baseline and develop a plan of action to get them to a place where they can afford the home of their dreams.”
Steve explains that, “many people with poor credit believe that they can never buy a home. It’s this belief that’s holding them back. I’m here to help, but it’s crucial that my clients have the personal initiative to adopt the attitude that home ownership is possible, even if it means working with a credit repair agency.”
Click here to get a copy of the The Complete Guide to Buying a Home in Des Moines.
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