Where are the folks going to get the financing for all these home contracts? 20% down...good credit...good income....
You don’t need 20% down. There’s plenty of 100% financing programs out there. The credit restrictions have been tightened up but the money is still there for those who qualify.
“Where are the folks going to get the financing for all these home contracts? 20% down...good credit...good income....”
Here’s one way: A cheap dollar makes it less profitable to ship jobs overseas. Therefore, more jobs here, more factories built here.
Here’s another: A foreign investor buys a big U.S. office building. A U.S. investor now has to invest his money elsewhere. Maybe he builds a subdivision.
The media seems to have convinced folks that because of the Subprime mortgage fiasco, real estate financing has dried up. Nothing could be further from the truth. Subprimes actually accounted for only a small proportion of mortage financing in this country. There are mortgage companies advertising all over the place, and not just for the cream puff type mortgages.
If someone has decent credit, and a stable income, they will be able to get a mortgage, so it is a good time for folks who have been holding out, to look at the homes available in their areas.