The recent housing bubble and real estate slump that came along with the worst recession since the Great Depression has resulted in a tightening up of mortgage standards and it looks like it may be here to stay, maybe forever or at least for a while.
The CEO for Fannie Mae, Michael J. Williams said in a recent speech that mortgages will be harder to come by. It will take longer to get a mortgage and fewer people will be able to become homeowners.
Not such good news for the housing market, which still has a glut of inventory and many, many more empty and/or foreclosed homes coming up.
However, housing is a staple of the economy and we can?t really completely recover until the excess inventory is sold. In the past there have always been creative ways to buy and sell homes and this time will be no exception.
If you want a house, there will be a way.