Consumers don't think they can qualify for a mortgage

Our broker posted the following link on our Facebook page about Consumers remain skittish on obtaining mortgages. Many young buyers today don't feel that they can afford a mortgage, not realizing with the low rates what they can afford, even if they have some debt as the story that follows bears witness.

I recently had a rental listing and had a young man visit to see the property, whilst he applied unfortunately the landlord went with another couple who had seen it previously. But whilst he was looking at the apartment he asked, would the landlord consider a lease purchase.

Interesting comment so I followed up with him and asked "why would he not buy?"

His answer, "I have large student loans I am paying off."

I said, "But we see people all the time with large student loans buying homes, some a lot older than you. Why don't you speak to a loan officer and see if you can qualify and how much for?"

He agreed and a few days later I hear he is qualified, we set up some appointments, see some homes and just this week we signed an agreement of sale, have completed the home inspection and are looking forward to him settling on a 3 bedroom 2 1/2 bath townhome. This is why I love my job.