So Mrs. Takacs, our children, and I took a little trip to Albuquerque for Spring Break. It was fun, and we saw some old friends and did some big city shopping. We needed a break, so we took one. But there is no feeling like the one when you get back to your own house, your own bed, your own bathroom, and feel “at home.” Even our children were happy to get back to familiar surroundings although it meant school would be starting up again. There are some things I like about being in a bigger city. There are definitely conveniences and choices there we do not have here. Cities offer more diversity and color in everyday life, and the wide array of experiences is different from home too. But home is home, and nothing can replace it.
The strange thing about home now, in light of the economic and housing crises of the last few years, has been that home isn’t as attainable or secure as it has been most of our lives. It makes me sad and a little angry that decent, hard-working people cannot qualify for mortgages anymore because of the misdeeds of a few. Banks, Wall Street, and even our own government made poor choices with lending practices in the past. Those poor decisions came back to haunt them, and hurt our economy. But instead of looking inward to find solutions, the knee-jerk reaction was to raise borrowing requirements to unrealistic heights and excluded many good borrowers from the market.
Those of you who want to buy a home, but think you have pushed out of the market by these restrictions need to know there is hope. Don’t be dismayed. The first thing you should do is contact a mortgage lender you trust and see where you are in relation to the guidelines. You might find that you do in fact qualify for a loan, or are very close. Know this: There are steps you can take to move yourself into the “qualified” arena from where ever you are now. Many banks are beginning to relax their stringent lending requirements to a reasonable level and more loans are being made. You might be closer than you think.
I am not advocating a return to the loose, reckless, and senseless lending habits of the past. Those lenders and programs who lent money to borrowers who could not afford the mortgage they were getting, is part of why we are here, now. But like elementary school, because a couple kids threw wet paper towels up at the ceiling of the boys bathroom, none of their classmates can use the restroom until recess or lunch. The many often get penalized for the stupidity of the few. But this time it’s hurting one of the foundations of our economic engine. Jobs are tied to housing. Housing is tied to jobs. We rely on many parts of the engine to make it run, but home building and home sales is a big piece.
Call me if you are ready to buy, but don’t think you can qualify. I can put you in touch with some good people who will get you a loan, or tell you what steps you need to take to get one. Real Estate agents do more than show houses and stick signs in yards – at least this one does. I am here to help.
All Real Estate. All The Time.