Tight Credit Stymies Would-Be Home Buyers
by: Andrew Schneider, May 16, 2012 5:05:00 am
Houston’s housing market bottomed out in June of last year. It’s been rising steadily ever since. Shad Bogany is broker/owner of ERA Bogany Properties.
“The success that we’re having is despite the banks, despite the credit lending. The pendulum has swung. It was so far over to the right at one time, where people were just giving loans away. Now it’s swung so far to the left, where even the simplest things are being over-documented.”
Bogany says first-timers are having the toughest time getting loans. But he says even experienced buyers with perfect credit are hitting a wall.
“I just had an issue with a client of mine putting 20% down with an 800 credit score, and his bank is still giving him [a] hard time.”
Bogany says a strong job market is driving the demand for housing by attracting new residents to the city.