In a recent survey conducted by Hanley Wood, a media research company, it was discovered one in five home owners and one in three renters would like to buy a new home within the next five years. Indications are, from those results, the dream of home ownership is not dead. What is missing is the urgency to make that buying decision now.
Uncertainty in the jobs market, according to a report on the survey in Reuters, is one of the key factors in waiting to make the purchase. Another perception, on the part of the survey respondents, is that mortgage money is too hard to get.
Reality is while mortgages are more difficult to obtain during the runup to the real estate bubble they are much easier and more available than they were in 2009 or even 2010 when the Frank Dodd ammendment to Wall Street Reform was still somewhat a mystery and lenders were reacting to unknowns. Though the ammendment certainly has hampered the ability for lenders to offer loans to a wide cross section of the market mortgage money is still more available today than it was even at the end of 2010.
According to recent data anyone with a 2 year income history, at least 3.5% down payment or equity and a "fair" credit score can qualify for a purchase or refinance transaction. Lender overlays, guidelines which augment the guidelines from federal agencies and larger investors, do account for some restrictions on lending but, overall, mortgage money is increasingly easier to qualify for and obtain.
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