[RWebb]

Originally Posted by djmcmath

So given the recent Fed action, is now a good time for Joe to buy a house? Let's assume that Joe's got the capital to put 20% down, show documented income, and plans on paying the same interest rate for 30 years. Should he wait a month or two for the money to really tighten up, or will he then be competing for homes against the same group he's competing against now -- specifically, the people who have the financial wherewithal to get a loan in this environment?

Dan


PS -- yes, in this case, I'm Joe, and I am approved for a loan, and I would really like to get out of the apartment complex ... but I see stuff like this happening, and I wonder if the house prices could get MUCH better in the next several months.

probably - but you may not get that 'approved' loan