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March 1st, 2011

What obstacle is keeping you from homeownership?

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According to the latest National Housing Survey by Fannie Mae, poor credit is the number one stumbling block keeping potential borrowers from owning a home. Recent economic hardships have caused millions of Americans to fall behind on their bills and their mortgage payments. The foreclosure crisis has caused lenders nationwide to reevaluate their lending standards, increasing qualifications, most commonly insisting on higher credit scores than in years before.

That said I want to know, “What’s preventing you from buying a home?”

What's preventing you from buying a home?

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4 Responses to “What obstacle is keeping you from homeownership?”

  1. Mike Says: March 1st, 2011 at 5:10 pm

    Even in times of uncertainty and stumbling blocks it seems as though young people still see homeownership as a tangible, realistic investment. Though the data may suggest older Americans have lost hope for future generations and this group suffered the deepest decline in homeownership, “younger Americans believe buying a home has a lot of potential as an investment”
    Maybe we can all use this positive insight.

    —Mike

  2. Tim Manni Says: March 2nd, 2011 at 12:04 pm

    Hey Mike,

    Thanks for your comment. Think of it this way, if you’re a younger person and you’ve been saving money, this is your chance to grab a home at a great price for a historically low mortgage rate. I think it’s all about when you buy. Unfortunately so many bought when home prices were at their peak and are now underwater. If you believe home prices have essentially bottomed out, then buying a home now is probably going to shape up to be a great investment.

    Thanks again for commenting, hope to hear from you soon,
    Tim

  3. Bob Says: March 4th, 2011 at 3:15 pm

    I guess that I really can’t blame anyone except myself when it comes to my reason for not being able to buy a home. I recently went through a divorce and tried for 2 years to sell my house and save it from going into foreclosure. I had a newly constructed custom home that was had a very high mortgage payment. I was unable to cover that payment after the other half of the income was gone. It came down to one week prior to the foreclosure and I had a short sale offer of $306k. The bank accepted the offer, but I was rejected by Fannie. One month later, Fannie listed it with another realtor for $299k and sold it for less than that. I am now faced with a foreclosure instead of a short sale, my credit is ruined, I have good income and can definitely afford a moderate sized house, but I am no longer eligible to stimulate the economy due to the fact that Fannie Mae wanted to use me for a statistic for their bailout plan instead of cutting me a break and helping the person that worked hand in hand with the bank for 2 years. I can’t understand the concept behind refusing a higher offer just to sell it for less. That just puts honest hard working (disabled Veteran) even further out of commission to stay afloat. It takes a person from a 700 credit score to well below the radar. If you think of all the other people out there that try to do the right thing but due to one bad situation, they are no longer able to buy anything. My $306 offer was a lot better than gambling that the house wouldn’t sit empty.

  4. Tim Manni Says: March 4th, 2011 at 5:49 pm

    Bob,

    I can’t understand why Fannie would reject you for a short sale? Especially when it sold for less. The holder of the loan is the one who rejects the offers or delays the process. Sounds so bizarre that Fannie would elect to foreclose over short selling the property.

    If it was a short sale you could buy again now (from what I understand the wait period is two years). You have a couple more to go b/c it was a foreclosure.

    Hang in there Bob, thanks for commenting,
    Tim

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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