If you are looking to buy a home and take advantage of the Home Buyer Tax Credit but are having trouble arranging credit you are not alone. Builders of new homes have traditionally turned to banks for financing. Today builders are finding that financing hard to get.
At The International Builders’ Show last week in Las Vegas builders met with lenders to (hopefully) arrange financing. Lenders were quoting rates from 12 percent to 15 percent. Some banks and funds quoted rates as high as 20 percent. A builder could find using a credit card to be more economical.
The availability of credit is a major deterrent to a housing recovery.
Don Grafues
Resource: realtor.org
Resource: realtor.org
