There is a lot of talk in the Rochester and national media about the subprime mortgage mess. And it is very real. It has affected my business. I had three deals die this month that would have had no problem closing six or eight months ago.
The good news is that if you've got decent credit and some money for a down payment, there is financing available and the interest rates are very, very good. Paul Pastore, a big time ReMax agent in Arizona put it very clever words. He said, "The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone." But for the rest of us, it's a great time to purchase real estate.
Of course, not everyone has perfect credit, or even decent credit. I found a pretty cool web site for those that are willing to admit they need some help with money skills. Entitled "Practical Money Skills for Life," http://practicalmoneyskills.com/english/index.php it has some really great resources, including a podcast center for those that don't like doing a lot of reading, fun games to pound in the message and a selection of calculators that help with budgeting or deciding how much mortgage you can afford. Interestingly, the site is owned and operated by Visa, yes the credit card people, that do tons of commercials that encourage us to go spend, spend spend by swiping our plastic cards. Nevertheless, I think the site is well done and would be interested in hearing what you think.