It's one thing to hear how difficult it is to obtain a mortgage on the news; it's another to experience the reality with our buyers these days. I have been working with a couple that truly has perfect credit. Based on their credit report and income, my Mortgage Professional could qualify them for over $1 Million! BUT, they cannot put 20% down. They are moving from an area where home prices have remained relatively stable and that's both good and bad. It's good because homes are still selling, but it's bad because they will not have much cash to cover a deposit and closing costs. The new job that is causing the relocation is going to pay extremely well and they want a home that reflects their new position. THERE IS NO PRIVATE MORTGAGE INSURANCE AVAILABLE! So, what did we do? We had to st...
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