High Percentage of Potential House Buyers Out of the Market

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A recent survey has revealed that 30% of the US population would like to purchase a house within the next 2 years. At the same time, the percentage of people who are able to access mortgage loans is falling. Many potential buyers prefer not to apply for a home loan which explains the dramatic drops in the mortgage application index.

According to the US Department of Housing and Urban development, between 10% and 15% of potential borrowers cannot access the mortgage market. At the same time, an independent survey carried out by one of the leading loan providers has revealed that 46% of potential homebuyers do not apply for a mortgage due to fear of getting rejected. Out of the 30% claiming that they would like to buy a home, 74% have not taken out a home loan or even preliminary research to find out if they qualify.

Potential home buyers are discouraged from taking out a mortgage loan and making a house purchase. The number of home-buying mortgage applications fell by 21% on an annual basis in April 2014. In February 2014, the number of homes purchased by first-time buyers accounted for 28% of all sales. For comparison, their share was 54% in 2009 when the housing market was still in turmoil.

Potential home buyers have rightful reasons for remaining cautious. The credit rules set by regulating bodies and the lenders are now tighter than ever before in an attempt for preventing about housing market crisis. It is much harder to qualify for a home loan now than it was 10 or even five years ago. . Currently, the average credit score of applicants who get approved for a mortgage is 750. In 2004, it was 700. The rising house prices and the slower rising income play a major role as well, especially given the fact that most lenders require a down payment of at least 10%.

The growth in the economy is likely to improve the situation, but this improvement is not going to come instantly.

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