State of Lending- October 8, 2008

What a ride! The press has all they can handle trying to keep up with a global financial meltdown and an unprecedented presidential election; but for those in the real estate business not much is really changing.

The loans to go to are still FHA, VA and Rural Development because the market that is moving is the first time buyers market. I'm seeing that in Central Florida but hearing it from all over the country. If your buyer has 15% or more down and great credit, conventional loans are still the best deal. Money for all these products is readily available and closings are prompt. GREAT deals are to be had for the buyers wading into the "turmoil" and they are taking advantage of some of the best buys in years!

For example I'm closing a loan this month that was on a home originally purchased in 4/07 for almost $500k. My buyer's approved offer on this home with over 3300 sq/ft living and a 3 car garage in a great community is $290k! Unheard of values here in Central Florida and Mt. Dora!

So shake off the funk and tell people what is really going on. We are the industry and we know these deals are great long term investments that will provide years of enjoyment for many families. There is no lack of funds for any good loans!

UPDATE- and even mo' better news as reported by our friends at CNN Money here!

Gerry Suarez, Jr.

Your FHA Loan Pro!