Important information for Buyers and Sellers.
Let's start first with The Buyers:
1. Some banks have raised the credit score requirements. The range is 640 - 700 depending on the bank. I most often refer to Gulf Coast if you are looking for a trustworthy lender who is also knowledgeable.
2. Next, banks now want you to have a savings account with a minimum balance that could pay at least 2 months of the mortgage.
The reason for this is banks don't want to give a new mortgage to someone who might immediately go into forbearance. It makes sense considering that most mortgages are currently in forbearance.
3. State-level grant programs are temporarily suspended.
Most parishes and counties have funds available for first time buyers, but the state's are holding the home buying grants for now until quarantine passes and the economy gets moving again.
Who does this impact?
Mostly people buying multi-family properties (2 or more units). The parish/county level grants can still be used for single-family homes.
Here's some good news though:
You are allowed to get a "gift" to assist with downpayment on a multi-family property. If you don't have someone who'll just give the money, consider a business agreement with someone you trust (Get a contract though.) In exchange for their assistance with the downpayment, agree to give them part of your rental income for a set duration of time.
Once that duration of time has ended, you can keep all of the rental income in perpetuity. I have 3 contacts (at least) who are willing to assist. Let me know if you are interested.
Yes people are still buying properties.
So if you are interested in selling, go for it! The worst thing that can happen is you don't get an offer. But chances are you will.
I offer FREE property value estimates. (the real kind, not the pseudo ones on Zillow) So if you're curious about what your property is worth, text me at 337-371-0037.
For ALL Buyers (1st timers and experienced): Here's a guiding principal to consider:
Will this purchase lower your cost of living and/or boost your income?
If you can find a property that will cost the same or less than you currently pay in rent, BUY. You can lock in these historically low interest rates and INVEST in your future.
On the other hand, if you already own a home,, would a new place lower your current cost of living?
Some of you have enough equity in your home, that selling and buying something new is a great move. While others may not be in that situation.
You also have to consider that selling your current place means opening it up to others. As your agent, I advise creating a video tour of the place so potential buyers can clearly see your home during Quarantine without coming into your space.
Jessica Bordelon, Agent,