Quote:
Originally Posted by Kelse92
I sell real estate for a living down here.
In more cases than not in these price points I see the following scenarios as to why buyer’s can’t:
Number one - Debt-to-income - this is probably 80% of the population in this price bracket that can’t buy a home. Mainly student-loan related, but child-support, credit-cards, bad car loans. Lots of reasons. They can afford the (inflated) monthly payments of renting, but no banks will underwrite their loans for the same priced house, even though when financing and PMI included the monthly payment would be much cheaper...
Second scenario is more of a state specific thing but I’ve had a few cases this year where the husband or wife’s DACA number wouldn’t qualify them to co-sign and their other half couldn’t finance the house on their own. Or one half of the couple has no credit at all and lenders having to do modified stated-income for them.
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Kind of crazy eh? I would think it must really make those people ticked off, because I'm sure they know they'd be in a better position if they could just get into the market and they realistically would be paying the same or perhaps less monthly if they could just get the financing.
I know it would burn me if I was them.
You must have some good stories though - how long have you been selling real estate?