Loans are tougher to qualify for today-that’s a fact. But compared to what?? If you’re looking for a home in La Quinta or one of the other Palm Springs Valley cities, do NOT despair. Requirements are tighter than they were during the craziness of the “100%, no doc Loan days in 2004-2006”, but that’s a GOOD thing! We all know how that turned out.
Had a Foreclosure or Short sale? It may not be as tough as you imagine to get another Loan, and purchase a property. Down Payment Resource (DPR), is looking to educate potential buyers about hard to find financial resources and programs that may be available to them. DPR allows prospective buyers to mine the company’s national database of 2,300 different programs in their local areas to find different loan sources. There could be grants, federal housing programs, delayed repayment loans, Interest free loans and more.
Foreclosures and Short Sales in your background does not necessarily mean there are no loans available to you. If you have re-established yourself, you may qualify for one of these programs.
If you are thinking of buying or selling here in the Palm Springs Valley, it could be a great time to look into your options!