Buying your first home can come with mixed emotions. It can be exciting, fun, scary and also be stressful. Not only is applying for your first home loan a learning experience it can also be a slow process. That’s okay, if time is on your side, but in many cases, it simply is not. Although active and prominent first time home buyers are a sign of increased health in the market, they are currently facing some issues. Because the market is getting healthier with less foreclosures and more sales, supply is diminishing.
Along with less property availability, first time home buyers are finding it is not just them racing to purchase. They are having to compete with financially sound investors with cash in hand, ready to buy on the spot. Because first time and many other groups of home buyers have to rely on a bank loan for financing they are often pushed out of the race. The slow processing time makes someone applying for a home loan no match for an investor that can pay full price immediately in cash. After all that extra time spent waiting, the borrower may not even get the loan, due to the stringent guidelines and criteria traditional banks are required to abide by.
The article at the link below highlights the current market and the large number of first time home buyers present. It explains more about their situation, including the competition they are currently faced in the marketplace.
Even if you qualify for a traditional bank loan, you may need a loan fast in order to compete with investors or other eager buyers for the property you want. Source Capital not only offers loans to those with challenged credit, but they are also a resource for those needing money fast. Don’t let a little time get in the way of you owning the home of your dreams. Contact Source Capital to find out your options and be a competitive force in the changing real estate marketplace.
Source Capital Funding, Inc. is a direct, private hard money lender that provides hard money loans and trust deed investment options throughout Arizona and California. Source Capital lends in all major cities in Arizona including, Phoenix, Tucson, Mesa, Chandler and Glendale and also in California, including San Francisco, San Diego, Los Angeles, Anaheim, Sacramento, San Jose, Fresno, Oakland, Bakersfield and Riverside. If you need a loan fast and want a private hard money lender to fund your hard money loan or you want to work with Source Capital Funding as an investor, contact us at 858.705.6144. You can also email us using this convenient online form.
You can learn even more about us on our Google profile page, which includes reviews from some of our clients, investors and associated real estate professionals. A great way to stay up to date with us, including following this blog, is by liking us on Facebook and following us on Twitter. This is a special weekend edition of our blog. It’s Saturday night and I hope you had a great day and enjoy the rest of your weekend! –Sindi Somers