The Hastings, NE real estate market continues to be steady. While marketing time has slightly increased, we are not seeing a real "drop" in prices like much of the country. I read a article in the Hastings Tribune on Sat., February 7, 2009 where a lender stated that without perfect credit Buyer's were going to need 20% down. I can only this came from a lender who does not do FHA Loans (which is for a broad range of buyers, i.e. not just first time buyers or ones who haven't had a FHA loan before. You can obtain an FHA loan on an owner occupied property an unlimited number of times!) . There are many people out there getting loans with as little as 3% down. Now with this said, those with horrible credit are not able to get financing these days. Nor are people whose debt is so high that a lender deems (after factoring in their income) their ability to afford the house payment on top of their existing debt is unlikely. These are the biggest changes I have seen in home loans in our area. That and the fact that rates have dropped!
So if you have been thinking about buying a home it is a great time! Not because the market has dropped, but because rates are low and Hastings, NE has a steady market. Feel free to contact me anytime with questions.
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