Real Estate Lending Update

Its official!!! 2010 is half over and it is HOT. This is not news to you, but it is a reality. Another reality we must face is that there have been lots of changes and developments regarding real estate sales in recent months, and we thought you might like an update on some of the latest changes involving purchasing, financing, and selling a home.


A few months ago several new rules came into effect for home buyers. These new rules have created great turmoil and many delays relative to closing on a home. The new "Good Faith Estimate" rules have become a nightmare for many home purchasers as well as for their lenders. Lending requirements are stricter than we have seen in many years, and this often causes significant delays in getting a home closed and funded.


It is not unusual for a buyer to have their credit report revisited by the lender a few days before the closing, and if their debt situation has changed, the loan can be denied, even if previously approved. No one buying a home today should go shopping until after the closing and funding of their new residence. This is often very uncomfortable for buyers who are anxious to purchase all kinds of things for their new home. However, getting a "clear to close" has new meaning today, and buyers need to keep their finances in check until after the closing.


If you or someone you know is considering purchasing or selling a home, they should know about these changes. Have them call me if they need assistance or information.

Sonny Moyers
Ebby Halliday Realtors
972-464-4110 Office
1415 Legacy Drive, Suite 100
Frisco, TX 75034
sonny@ebbyhomesdfw.com




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