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How will the bailout of the Mortgage Company affect people looking to buy their first house?
With all the bailouts of the mortgage companies that have happened in the last few weeks, how will that affect people in my position who are looking towards buying their first house in the somewhat near future?
I'm 31 years old and currently saving up money for a down payment on a house (and working hard at paying off all my debt at the same time). If everything goes somewhat smoothly (knock on wood), I should have about $10-$15K saved by the end of next year. I don't want anything super fancy, just a small house or condo, in a price range of $85K-$105K in the Midwest.
But with all these companies now needing help from the government, how will that affect my ability to get a mortgage? Is there anything in particular that I should be worrying over, or just hoping the economy improves over all?
3 Answers
- PamLv 41 decade agoFavorite Answer
The bail out of Fannie Mae and Freddie Mac should free up money to allow people to borrow for mortgages. However, gone are the days of subprime mortgages so you better have at least a 20% down payment, a salary that can can sustain your monthly payments (no more than 30% of your salary should go to mortgage), and no credit problems or large debts. If all these things are clear, you should be OK.
- 1 decade ago
If you are looking to borrow 105K then you wont need 10K to put down. You can move in with as little as 3K. The mortgage lenders that are still around wen you are ready will not be affected by all the others closing their doors. I can give you a lot of detail on this and possibly help you better plan for your purchase but it is way to much for here. email me oswaldmortgage@yahoo.com and I can discuss this more. I am not a mortgage broker, this is my personal email. I used to be but I out of the business now.
Source(s): 11 years mortgage experience
