Whatever your pre-COVID goals were, chances are they changed.
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Mortgage lending right now is a big time issue, said Ryan Fitzgerald, owner ofRaleigh Realty.
Theyre requiring credit scores in the 700s with down payments that are the same as conventional loans.
And its not just the VA and FHA loans that are harder to secure these days.
So what do those extra precautions look like?
For one thing, higher down payments.
Interest Rates Are Low
COVID-19 isnt all bad news for buyers.
After all, interest rates on mortgages are at an all-time low, making some mortgages way more affordable.
Were no longer in a sellers market, said Ron Abta ofPolaris Realtyin San Francisco.
Its begun to favor the buyer.
Right now, Im consistently seeing buyers obtain discounts of approximately 5%.
Performance is really dependent on the job market right now, says Scott Campbell ofRE/MAX Unitedin Cedarburg, Wis.
The housing market has definitely slowed down, but some markets are doing better than others.
Depending on how your city has been affected, the housing market might just be operating in your favor.
Should You Move Forward With Your House Purchase?
At some point, well all bounce back from this pandemic.
Do whats best for you, and keep financial wellness (and physical wellness) a top priority.
Larissa Runkle is a contributor to The Penny Hoarder.
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