Mobile mortgage bus used to teach people about buying homes
The slumping housing market helped to trigger the collapse of the U.S. economy. Now, real estate agents say things could be turning around.
The people buying those homes now are held to very different standards than the buyers of just a few years ago.
Banker Fredrick Hicks is spending this Sunday like most of his work days, by using his mobile Mortgage Bus to teach people what they’ll need to get in a home.
“To get you in the door, you’ve got to have credit and you’ve got to have 2 years of employment,” Hicks said.
The landscape for potential home buyers is changing.
The things needed just 5 or 10 years ago to get a home won’t cut it these days and Hicks said these new rules will stick around for a while.
“People have credit challenges that are prohibiting them from getting in the door,” Hicks said.
Even if you do have credit, Hicks said you’ll need a reserve of money in a savings account and it wouldn’t hurt to have a down payment.
Tonya Locus is getting her finanical house in order to buy a home.
“I’m excited,” Locus said about the home buying process. “I will be getting me a home this year.”
Though she probably would have been able to get in a home a lot easier just two years ago, Locus said she’d rather have it this way.
“You have people now that are losing their homes that couldn’t afford homes with the way they were doing it,” Locus said.
The new standards are there to not only put you in a home, but also to help you keep it.
Hicks travels all around the state in his mortgage bus teaching people what they need to get in a home.
He says when bankers travel to people, it eliminates a lot of the intimidation that comes with going in a bank.