Buying During the Virus By Sandra C Brown, Broker, GRI
May 15, 2020
Buying a home just got more difficult.
By sandra C Brown, GRI Broker/Owner Dream Catcher Realty
Our office uses three main lenders for buyers. In the past 60 days we have talked with most of them 2 to 3 times a week. This is summary of some of our talks.
1) Just because you were preaproved last week does not mean that your application will close this month or every
2) Many lenders require now a 700 for conv finance
3) First Time Buyers Program have been cancelled with most lenders
4) USDA and other programs now require a 640 fico score
5) Some lenders will not loan with 203K products
6) Some of the repairs that you could escrow are no longer allowed
Also, many house were pulled off the market decreasing supply
Finally, it is not a haggle bazar. Sellers are not giving away "free" houses.
