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Mortgage Changes Might Mean More First Time Homebuyers in 2015

December 17, 2014

mortgage-house

Back before the recession, practically anyone could get a mortgage–no down payment? NO PROBLEM! Terrible credit score? WHO CARES? Serially unemployed? WHAT COULD GO WRONG?

Well, those days ended with the recession, and we saw some tough days for would-be homeowners. Banks were reluctant to lend, and you basically had to sign over your first born child to get a mortgage. Since then, the market has loosened up quite a bit and I think we’re getting to a bit of an equilibrium. In this last quarter of 2014, there have been a few changes that experts say should make the process of getting a mortgage less murky and confusing, which may result in an uptick in first time buyers in 2015.

This is great news! With the new stronger market, and clarification of mortgage rules, more folks will be able to realize the American Dream of homeownership with stable mortgages. Check out this article on Realtor.com for more information about the new changes, and to see a (looooong) video forecasting next year’s market.

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