Easier Mortgages Make Home Buying a Breeze in Daytona Beach
As we continue to see real estate sales rise across the Daytona Beach area, there is no better time to see if you may qualify for home lending in pursuit of the American dream of homeownership. New construction has begun in Port Orange, Ormond Beach and New Smyrna Beach while many of our area cities are also seeing strong seller’s markets for resale residential properties. Now, new programs through Fannie Mae and Freddie Mac are encouraging home ownership while some lenders are easing their standards for mortgage approval.
As home prices continue to increase, and with the potential for mortgage rates to rise, there are already many buyers discovering that this is a prime time to obtain affordable financing on a quality Daytona Beach area home. One of the changes we have seen recently is Fannie Mae changing the debt-to-income ratio cap from 45% to 50% which allows buyers to be carry a little more debt while still being able to secure mortgage approval. While obtaining a mortgage may be getting a bit easier than it has been over the past few years, this should not be a cause for concern. The relaxed underwriting standards are still requiring strong credit scores and should not be returning to the more lax standards of 10-15 years ago. We work with many national lenders and have several local lenders who specialize in family homes and waterfront condos who have helped many of our buyers to secure their perfect property. Please feel free to call us at (386) 527-8577 to discuss the lending process, to look at Daytona Beach area real estate for sale, or for local lender suggestions. This is a great time to buy and we are here to help!