Inventory levels are down 3% compared to October 2012 while average sales prices are up 9%. As the Kansas City real estate market is stabilizing, lenders are coming up with new finance options that haven’t been seen since 2008. There are great FHA and conventional loans that allow gift funds to be used even if the borrower has no funds of their own. There are also options available with as little as 3.5% down that can be gifted with no money out of the borrower’s pocket. This could be a huge relief to some that have suffered during the downturn and are getting back on their feet as options even exist for credit scores of 620.
If you know of someone who doesn’t think they can qualify for a loan, please have them call us so we can connect them with the best lenders in town who are NOT overcharging for their loan products. Now could be the perfect time for them.