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Challenges Facing Home Buyers

In 2008 the housing market crashed and the United States economy went into a severe recession. Over 220 banks and financial institutions across the country either went out of business or had to be taken over including Lehman Brothers, Washington Mutual and Wachovia. Other major Lenders and institutions such as Citigroup and Bank of America as well as AIG, the worlds largest insurance company, received help from the government to avoid bankruptcy.

The housing market crash has undoubtedly made homes more affordable. However, the financial crises and failure of so many banks means that there is less money available for people looking to buy a home. Credit is essentially frozen as the few remaining banks are being overly cautious by imposing extremely strict lending requirements or are simply denying new home loan applications.

New lending requirements mean that people with any or all of the following typically find it difficult to qualify for bank financing right now.