If you consider yourself incapable of getting credit, you may be living in the past in terms of assessing your financial situation. Lenders are now bending over backwards to give money to borrowers. A recent survey of mortgage lenders found some interesting trends. Ninety-six percent of those surveyed had cut their standard down payment requirements for moderate-income buyers. Ninety-three percent said they are more lenient in their income-ratios (the ratio of your debts to income), and 94% of those surveyed said they now have more flexible approaches to credit histories, and look at rent and utility payments more than credit cards.
Seventy-nine percent of lenders say they have relaxed employment criteria. They now look more at your capacity to generate a stable flow of income rather than requiring a long history at one job.
There are more lenders today, and they are in fierce competition with each other. The home loan industry has created entire markets that cater to those with less-than-perfect credit.

In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.
Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your Realtor can help you to determine your real buying power.

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A traditional Ranch Style house is only one story, but a split level, "Raised Ranch" house has room to grow. A finished basement with large windows creates extra living space below, while a raised roof leaves room for bedrooms above. Critics may say that a Raised Ranch house lacks personality, but there's no question that this practical style fills a need for space and flexibility.
Raised Ranch Style
(Split Level)
c. 1932 - present

Raised Ranch style houses have many of these features:

Two stories
Attached garage
Partially submerged basement with living quartersLow pitched gable roofAsymmetrical
Large windows: double-hung, sliding, and picture
Sliding glass doors leading out to patio
Lack decorative detailing, aside from decorative shutters and porch-roof supports
About the Raised Ranch Style


A popular variation of the Ranch house style, a Raised Ranch home has several levels. A split-entry Raised Ranch may have a main floor and a partially submerged basement. A split-level Raised Ranch has at least three levels. The front door leads to a entranceway between the other levels, with stairs leading up and down. The main living areas and bedrooms tend to be located on the main floor, while the garage and a large room are in the basement. Thanks to the placement of large windows in the lower level, the basement can be a pleasant living space.
Description and photo courtesy of About.com.

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I'm Bob Moyer and I am ready to serve your real estate needs!

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