10 Surprising Reasons Yonkers Buyers Cannot Get A Home!!!
Getting a home signifies financial security and an investment for the future. Owning a home is part of the American Dream. There are some surprising reasons why you can’t get a home.
1. Down Payment – You may have the required 10%-25% of the asking price of the home you are interested in but how you acquired it and how long you’ve had it could keep you from getting the home. Many times relatives offer young couples the down payment. Lending institutions take this into consideration when looking at the ability of a homeowner to keep up with mortgage payments. Saving the down payment over time lends to the credibility of money management.
2. Credit– Credit history is an ongoing process. Student loans are one of the first obligations a person may have as an adult. Late payments may have a bearing on your ability to acquire a home later in life. Credit scores are also affected by utility payments. Any recurring bill that is paid late may come back to haunt you even though your financial situation is now more sound. Your debt to income ratio ideally needs to be under 45%. Less than a 3 month asset reserve in a bank account will generally keep you from getting a home. Check your credit score with all 3 agencies and make sure there is nothing being reported incorrectly. You need to aim for a score of 660 or better.
3. Job Security – Your job history may be why you can’t get a home. Lenders look for stability. If you jump from job to job, regardless of monetary or career improvement, lenders see you as a financial risk. When the economy takes a downward turn, employers tend to retain employees with seniority. Also taken into consideration is the risk of the job.
4. Parent History – If your parents have a questionable credit history, you may be dealing under their shadow. If parents foreclosed, you may be affected. If they were late with mortgage or credit card payments, you may be looked upon as having the same traits. If you are asked information on parent particulars, you may need to look elsewhere for home financing.
5. Location – The location of a home may affect whether or not a lender is willing to risk mortgaging it. LNG routes, Super Site areas, fault lines, destructive weather patterns all have bearings on mortgage risks lenders are willing to take on.
6. Inspection–Especially in Yonkers, NY more and more, home inspections are being required to seal the closing deal. Hopes have been dashed to learn major expenses must be incurred to pass inspection for the approval of the sale.
7. Condition – Fixer-uppers may offer pricing that appears affordable. If you have no background of construction or home improvement projects completed, lenders are leery to finance such undertakings. They may require a lump sum amount be in an account to cover the improvements necessary to ensure the property does not result in a loss to the lender.
8. Liens – If you owned property before and were subject to liens for unacceptable reasons such as credit card debt or unpaid taxes, you may not get the home you desire. A current homeowner may also have substantial liens that need to be satisfied at closing either from the sale itself or as additional costs to the buyer.
9. History – The history of the home may be the deciding factor that keeps a lender from financing in your behalf. A murder, haunting, nearby sinkhole, or other less favorable activity, bear upon the lender’s willingness to finance such a home.
10. The Bank – Economic conditions and bank lending history may be the reason you can’t get a home in Yonkers, NY. Banks may be leaning toward only very secure clients to up their lending credibility. If a bank turns you down, look to other options before you decide to settle on thinking you can’t get a home. FHA, VHA, or a first time buyer program offer other alternatives for which you may qualify.
If you can’t get a home loan with one lender, chances are good that another institution will also turn you down. You should take some time and work at increasing the good points that will work in your favor. Try again when your situation has improved.
~The Sales Team of Rummy Dhanoa
THE SALES TEAM OF RUMMY DHANOA WOULD LIKE TO INVITE YOU TO OUR INVESTOR'S WORKSHOP:
Video: http://youtu.be/nwSW_seVvAk
PLEASE R.S.V.P. BY JANUARY 21ST - SEATING IS LIMITED
CALL 914-902-3252 or go to www.RealEstateWorkshop.Info
After a great 4th quarter in 2011 we are excited for the new year in real estate.
The Yonkers NY 10710 Area Market had a very stable year after a volatile 2009 and 2010. Pricing is generally flat and volumes are Higher but reasonable
Real estate cycles are long and I feel like we are in the middle innings.
in
- Yonkers NY
Current inventory in Yonkers NY 10710 area is off to a good start only 74 single family homes for sale with a 148 average day of the market and currently the average price is $515k. 27 homes went under contract/ pending before year end which was very encouraging.
65 home didn't sell in the last 6 months. Now the best news is that 60 home sold with an average of 187 day of the market, the average list price was $480k and average selling price was $454k. That's a 94.7 % list to sale price wow that's shocking because a well priced home should sell for much more. There is 7.4-monthly supply.
Market Trend Video
The Sales Team of Rummy Dhanoa
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During the first week of the new year, mortgage rates continued to be influenced by the same factors as in 2011. Stronger than expected US economic data roughly offset continued concerns about Europe, and mortgage rates ended the week nearly unchanged. Friday's Employment report provided further support that the US economy is gaining strength to begin the new year. Against a consensus forecast of 150K, the economy added 200K jobs in December. The Unemployment Rate unexpectedly fell to 8.5%, the lowest level since February 2009, from 8.7% in November. The decline was partly due to the increase in jobs and partly due to people dropping out of the labor force. Average Hourly Earnings, a proxy for wage growth, increased 2.1% from one year ago. This was an encouraging report in nearly every area. While prospects in the US appear to be picking up, signs of improvement in Europe have been frustratingly slow to emerge. Bond yields in troubled countries remained at elevated levels, and European banks had to pay higher than expected costs to raise additional capital. Investors are still demanding very large premiums to lend money to European countries which are considered risky, making recovery efforts even more costly. Relatively safer assets, such as US mortgage-backed securities (MBS), continued to benefit this week from the lack of progress in Europe. |
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Week Ahead Next week, the Fed's Beige Book will come out on Wednesday. Retail Sales will be released on Thursday. Retail Sales account for about 70% of economic activity. Import Prices, the Trade Balance, and Consumer Sentiment will come out on Friday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
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The Following is The Market Trend for The 10710 Area of Yonkers Over the past 6 Months. As you can see the average list price for properties still on the market is $515,943. The average list price for properties sold was $480,566. The average sold price was $454,915. 94.7% of homes listed were sold.
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