The real estate finance market has changed drastically in the last decade. It used to be that a FICO of 565 could afford a buyer a home loan that had a subprime interest rate of about 7.5%. Today that is nowhere to be found. The main reason is that the real estate bubble popped, and the reorganizing of home lending has made it so that tier one credit is the only type to gain funding. Home prices are still down, but really, it is the lack of buyers being able to buy that has kept things so low. How to Make It Work Buying a home might require more on the credit end but because prices … [Read more...]