I know two people who are buying a house. Both of them have been working on this process for about 6 months now. One is a couple and one is a single woman.
The single woman has excellent credit. She already owns a home which is rental property now. She has normal money for her down payment and a good job. She is going through HELL. I'm confused because she has EXCELLENT credit. She didn't have any problems buying her first home and doesn't have anything in her creditworthiness which would be a signal that something is wrong. She is using the same bank she used to buy the first home and baaaaaaaaaaaaaaby...they've been making it hard.
I don't know much about the couple's creditworthiness other than they are responsible adults with jobs so I would assume they are on point too. They've been going through it as well. The hoops they are having to jump through really seem like a lot and I can't really fix my face when they tell me about all the crap the lender is putting them through.
I was sharing that it sounds like the crash has REALLY changed the process up a lot since we bought our house and it makes me worried about future house purchasing.
During this discussion I found out about this type of loan:
How to Finance a Fixer Upper House With an FHA 203(K) Program
I've never heard of such a loan before but I am now glad I know about it. This will revitalize so many neighborhoods torn apart by the housing bubble which went bust...bust...bust...bounce...bounce...bounce.
Do YOU know anyone who has purchased a home in the past two or three years? Did it seem far more difficult for them than it did for you BEFORE the bubble? Have YOU purchased a home in the aftermath? What were you the most surprised about? Any tips for people buying a house in today's world? Have you ever heard of a 203 (K) loan?
