With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.
As you've probably heard, Ben Bernanke was recently denied financing when he tried to secure a new mortgage. Why was this? Well, now that he has retired from the Federal Reserve, he doesn't necessarily have a clear source of income. He plans to be a speaker and author, but since he hasn't yet established himself in that field, he was denied.
Because he was shifting careers, lenders determined that he didn't have enough job security for him to qualify for a loan. These standards apply to everyone, so switching jobs while trying to acquire financing can be risky. Hopefully these standards will be loosened up soon to help home buyers in a similar position.
Because he was shifting careers, lenders determined that he didn't have enough job security for him to qualify for a loan. These standards apply to everyone, so switching jobs while trying to acquire financing can be risky. Hopefully these standards will be loosened up soon to help home buyers in a similar position.
If you are thinking of buying a home and changing job fields at the same time, we highly recommend you reach out to us. We can run everything by our lender and see what your options are - sometimes you have to wait a while to buy a home when you switch job fields. The bank often wants to see that you're secure in your new field before lending to you.
If you have questions about this or any other real estate topic, don't hesitate to give us a call or shoot us an email. We would love to give you a hand!
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