Banks have tightened up the guidelines to buy a home. That doesn't mean you can't buy a home. I think it is good they have gotten a little tougher with the guidelines. America has been on a shopping spree for too long. Many home owners have used their home to finance their life style and now the bank is closed. They are having to give up the home becuase they can't refinance. They are going into foreclosure.
I feel that your goal when you buy a home is to pay off as much of that mortgage as you can before your retire. To be mortgage free if you can in your retirement years. This mortgage crisis is going to make people live within their means more, they can't borrow against their house.
What is means to you as a new home buyer is that you have to save a little to put a downpayment on a house. Sure you can't buy right away. Sure you can't have instant gratification of your wants. But it is going to teach you to save to acquire the things you want. That is a good thing. Many homes that went into foreclosure were in a state of disrepair. the homeowners couldn't afford to fix things.
If you can't come up with $5,000 to fix the furnace, or $8,000 to get a roof then you really should not be in that house. Those are necessary repairs. By learning to save for a downpayment will help you in the long run.
For more on mortgages, credit and credit scoring, buyers tips go to my website Michigan homes for sale at www.RussRavary.com
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