Everyone wants to know.... inquiry minds want to know, what is happening with today's real estate market. The truth is the lenders are cracking down and are looking for the best qualified borrowers, shoving people out of the marketplace for purchasing their first home.

Lenders are requiring much higher down payments, better financial documentation and higher credit scores than they did during the boom, cutting back on the number of potential buyers.

Let's talk about affordability and who is purchasing homes today. Roughly 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB).

Personally, I feel that the media is the problem with real estate today. They make everything sound 1000 times worse!!!  If we did have such negative press, the market would be able to hold its own!! This is a great time to purchase a home..... prices are low and there are so many mortgage programs out there if you have a decent credit score, especially for first time buyers.

Looking for a lender, call me at 215-576-8666 and I can recommend you to the best mortage company that fits your needs.