Lowest Prices in 10 Years Due to Sandpoint Foreclosures
Existing Sandpoint homes are selling at basement prices that have not been experienced in ten years.
The Fed dropped the rate from 4.25% on January 20 to 3.5% on the 21st.
On January 30th they scrapped another half point to 3.0% and the question is not whether money is cheap to borrow.
The question is who is qualified to borrow from banks that appear to be holding their funds to pay back to the government. The decision standard has tightened to the point that only the highest spectrum of credit scores and those with the largest down payments are being considered for mortgage loans.
Where does that leave the average potential home buyer?
I have been discussing the situation with Idaho Housing Authority and Rural Development.
USDR Rural Development loans are possible in Sandpoint because we meet their criteria. How can you take advantage of the low cost of money? How can you take advantage of the low prices in Sandpoint, Idaho?
If you need answers to your questions. Ask Ray.
Tags: USDR Rural Development
