After the "Crash" the "Big 4" banks started a rumor... "it's the loans we gave to 'subprime' borrowers... It was the buyer fault!
The Truth is these 'subprime' borrowers were sold a lie!
So what these banks did was pull back from lending, lending only to perfect buyers, this is what killed the housing market. It was the final blow, yes we had to many people loosing there homes, yes prices dropped. And yes these same banks did a bunch a loans that never should have been done. But it wasn't just the buyers fault.
The real answer has always been "Get Back to The Basics" FHA has had guidlines for 70 years that worked, and yet banks opted for the much more profitable 'Subprime' loans, and paid brokers to push them on the market.
FHA has made a come back. The real home loan, made to real people that really need a loan. Don't buy into the lie... you don't need perfect credit to buy a home, you need agents that knows how to use FHA.
Everyone DOES deserve to be a homeowner, let's get back to, and stay at the basics that made this work.
Author:Jim Cavoto Managing Broker Phone: 720-309-3014 Dated: July 11th 2012 Views: 1,268 About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...
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