Posted by JohnBoy on March 04, 2000 at 22:12:59:
Even though there are programs out there with 5% down and new construction with lease options for 1 year to build on getting a down payment, remember one thing? These programs are for people with good enough incomes as you mentioned and also these people will need good credit to qualify so they can get financed in a year.
No matter what market your in. No matter how good or bad. There will ALWAYS be people out there that have problems and need out! That’s where you make your deals when buying.
Then there will ALWAYS be people that have the income and even the money to put down, BUT, they won’t have the good enough credit to qualify for those other programs because of this. This is where you will make your deals when selling whether it be by selling on a L/O, contract, seller financing, etc.
So to answer your question?
NEVER just sit around on the fence waiting for things to change! ALWAYS get out there and make something happen!
Look for those people that NEED out and are motivated and sell to those that NEED a place of there own that can’t qualify for all those other glorified programs being offered by builders! There will always be someone out there with a chunk of cash to put down with decent income but can’t qualify under normal circumstances. You will be their night in shinning armor!
You go girl!!!