Wednesday, July 16, 2008

Watching my dream possibly fade into the distance

With the steady decline of the economy and the skyrocketing foreclosures, where would one find honest and fair mortgage lenders?

Chris and I have entertained the idea of finally buying our own home. We have not fully investigated the procedure or what we would be qualified for. Both mine and Chris' credit score before the change would have allowed us to obtain a mortgage with no problem. The reason we did not buy a home then was because the prices of houses in Sarasota a few years ago were downright stupid. I could not in my mind justify paying over a quarter of a million dollars for a modest three bedroom home. I am so thankful that we did not get caught up in the fiasco of what is going on today with so many foreclosures. I have to agree that the housing is just now getting back to reality and the houses are dropping in prices but with the new credit score system we would be in the category of the least likely to get a regular mortgage. We would be paying a higher interest rate. I think that is a slap in the face.

Still it doesn't deter me from researching houses for sale now. It's still a dream that Chris and I are wanting. For the past 7 years that we have been living together we have a perfect renting background. Never missing a payment and always making sure that our utilities bills were paid each month with extra to credit the next month's bill. I just do not think it will be enough to show how credit worthy we are.

No comments: