With the signs of the housing market finally recovering, there are still some issues that seem to be facing home buyers that might soon be fixed! It might not be as a hard as it has been to access the credit you need to purchase a home, which has been holding back a lot of activity in the real estate world as well as other parts of the economy.
“Moody suggests that if the acceptable credit score reverted to more traditional and sustainable standards that existed prior to the housing bubble, then the pool of potential mortgage borrowers could increase by more than 12.5 million households.” – CNN
According to CNN the FHA and FHAH took important steps to make sure responsible credit worthy homeowners were able to obtain a loan without repeating history where home buyers were given credit they shouldn’t have been approved for.
This isn’t going to be a short process, it’s going to need a lot of work to make sure everything is done appropriately this time around, but it’s looking good for those who should be able to purchase home will be actually be able to!