Category:Real estate buying

From Consumer Information

The Subprime mortgage crisis that emerged in 2007 has really made it much more difficult for home buyers to obtain mortgages. Even though interest rates are falling in early 2008, the benefits of lower rates are not reaching home owners who are trying to sell.

Because of the subprime crisis, lending standards have tightened dramatically. Banks are not nearly as quick to make mortgage loans as they were in the boomtimes of 2004 to 2006.

Thankfully, many states still offer first time home buyers financial assistance in the form of first time home buyer grants,making first home buyer loans easier to obtain. As of yet, funding for these programs has not dried up.

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