Posts Tagged ‘nar reports’

Single buyers having a more difficult time obtaining financing NAR says, but zero down loans still exist!

Sunday, November 11th, 2012

With the meltdown over the last few years in the real estate market, lending, in case you haven’t heard, has been significantly more stringent and it’s hurting single buyers more while married buyers are having better luck qualifying as a whole.

Before 2010 market shares between single buyers, married buyers, men, women etc moved only 1-2 percent each year. This last year however the numbers have moved significantly into the favor of married couples, with 65% of all homes sales being married couples compared to justĀ 58% a year ago and 20% last year were single this year it’s down to just 16%.

According to The National Association of Realtors Buyers and Sellers Profile, one of the many studies NAR does each year, married couples are the driving force of real estate sales this year in a less than forgiving lending climate. To me this isn’t much of a surprise as when you’re a married couple your combined income, credit reports, assets etc generally do look better to lenders then a single individual. What is surprising to me is that lending went from “ninja loans” (No Income, No Job, no Assets = “sure, we’ll give you a loan”) in 2006-2007 to, well, if I must be honest, where lending should never have strayed from in the first place; you need a good job, a good income and good credit score to get a loan.