Mortgage and Real Estate Blog

So after all the market turmoil at the beginning of the week - back before the vice presidential debate, back after the Senate promised that a federal bailout would pass on Monday only to be proven wrong - the Congress finally passed the financial bailout package today and the president signed it into law at the White House, well, now plenty of would be home buyers are bound to be wondering what it’s going to do for them. In other words, will the economic bailout help you to buy a home?

If everything that was said is true - definitely a stretch - the banks are going to have more money to lend. If that’s true, well, you might think that if you just head down to your local bank you’ll be able to get the mortgage you’ve been looking for, but don’t expect it to be that easy. You’re still going to want to be sure that your credit is in great shape. You’re still going to want to know that you’ve got the money to make a sizable down payment.

In other words, sure, the economy had a bailout and it can make a bit of a difference - it may make it easier for some people to get a mortgage and buy a home - but don’t expect the changes to be immediate.

This entry was posted on Friday, October 3rd, 2008 at 2:35 pm and is filed under buying a home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.