The large amount of foreclosures over the past few years definitely put a dent in new home sales. In the past few months however, we have seen a rise in new home sales. Recently, the National Association of Home builders reported a slight recovery after years of decline in new home sales in Atlanta. Over the past years, the Commerce Department also reported the overall jump to be as high as 25 percent.
With this encouraging news, the next thing that needs to happen to really make the numbers ever more desirable, is the lenders approving more loans. Getting a home loan has been anything but easy, but certainly easier for buyers purchasing new homes. At this time, there may be several reasons why the banks may want to grant a loan to a new home buyers in Atlanta.
Why Financing New Homes May Be Easier
One of the main reasons for the rise in new home sales the past few months is the increase in new home foreclosures back in 2010. Several of these homes were foreclosed on due to builders running out of money to complete a project or new home owners not being able to qualify for loans. The foreclosure process caused new homes to be sold beneath their original values thus making it easier for banks to approve the loan.
Another factor that will make a bank consider a new home over an older home is safety and compliance issues. Newly built homes in the Atlanta area are free of concerns that older homes may face such as asbestos, lead and other health concerns. Furthermore new homes can easily pass inspections without added request for additional inspections being ordered by the lender. All these factors can contribute to faster and easier approvals.
Additionally, a new home is more attractive to the lender due to lesser maintenance being needed in the future. New homeowners generally will not have to worry about costly repairs such as plumbing issues, roofing, or electrical issues for years to come. This fact makes it easier for new home buyers to stay ahead of the mortgage loans.
Buying a new home in Atlanta is a popular choice for both the buyer and the lender. The buyer gets the opportunity to be the first and only person to live in their home, while the lender gets the security of knowing their investment is in tip top shape. If you are interested in finding a new home for sale in Atlanta, I would love to help you with all the options available.
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