As a Full-time REALTOR in Jacksonville NC, I encounter people that say they want to purchase a home but when it comes down to it they may not be ready for that responsibility. In our society where everyone wants everything now, learning that it may take a little time and some effort on the buyers part frustrates them. In fact some people only hear you don’t qualify. When what is actually said is: that you don’t qualify right now, but if you do these certain steps you will be able to purchase a home.
Don’t take your frustration out on the messenger. After all they are only letting you know that you need to alter a couple things in your budget, maybe you don’t get the latest iphone when it comes out, keep your current vehicle, while you pay down your debt load. Or maybe you have had some trouble paying your bills on time, it really does matter if you don’t show that you can pay your regular bills on time why would a mortgage company be happy to loan you $140,000?? That’s a huge amount of risk given the current state of the mortgage industry and the number of Foreclosed and Short Sale homes on the market. Mortgage companies have become more stringent on their lending practices and you need to show that you are responsible with your debts. So, try to keep this goal in mind, follow the guidance you are given and you can be living the American Dream of Home Ownership.
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Ellen Hough, Jacksonville NC Real Estate , specializing in First-time home buyers and sellers. Working with EXIT Independence Realty, 910-330-6103 (Cell)