Surprising rule of thumb: You can borrow more than you want.
During my lending career I began to believe that most people could borrower more money for a home than they would choose to borrow. With good or great credit, good cash reserves, strong employment, and/or a large down payment, even Fannie Mae or Freddie Mac will let you stretch their standard guidelines. Specialty lenders in search of higher returns create programs that help the non standard situation.
I write this short note to encourage you to investigate. Don’t assume you can’t have a particular home you want. There might be a way.
Now with this in mind I give you the advice given me by the father of one of my college buddies. “Be careful of what (or who) you go after, you may get it.”Thad O Yost.
Larry Cragun
