Qualified consumers may soon find lending easier to secure
Posted on Thursday, January 12, 2012 at 8:40:39 AM
A white paper released by the Federal Reserve Board on January 4 contains recommendations to revitalize the housing market that support key principles established by the National Associate of Realtors (NAR).
"Creditworthy consumers continue to have difficulties securing affordable financing despite their proven ability to afford the monthly payments. Expanding financing opportunities to qualified buyers could help reduce distressed property inventories, minimize the negative impact those homes have on local markets and restore vibrant housing markets and neighborhoods, " NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., told Market Watch.
The recommendations may result in consumers finding more opportunities to attain residential lending for home purchasing. As the economy improves, consumers will be able to shop around for the loan that fits their needs. Changes in the market are providing more and more creditworthy consumers the opportunity to own a property for the first time or move into a larger home.
Consumers interested in residential lending options should compile their finances and determine what they can afford before approaching a lender to make the most educated decision for themselves.