Oct
10

Eligibility Rules Tighten: Housing Crisis Shrinks Pool of Local Buyers

By
October 10, 2008

By Kristy Eppley Rupon – The State

With a good credit score, a steady job in a business office and a substantial down payment, Sarah Dunmyer is just the kind of client real estate agents are salivating over in a depressed market — she’s pre-qualified for a mortgage.

“I know I’m going to have that money,” said Dunmyer, who is set to close this month on a $120,000 patio home in Lexington.

The hottest commodity right now for a real estate agent is a buyer who is willing to spend money on a home when the economy is faltering — and has a mortgage offer on the table, typically good for 90 days.

Dunmyer is the kind of buyer who keeps the commissions rolling in for real estate agents as the pool of buyers shrinks.

Some buyers no longer qualify for a mortgage as banks tighten lending standards in the ongoing financial crisis, while some who might qualify sit on the fence as talk of the tanking economy dominates headlines and lunch lines.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/550210.html
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