Housing Trends in Amarillo - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Housing Trends in Amarillo

With it getting harder and harder to get a home mortgage loan across the U.S., we wanted to find out if it is the same way in the Panhandle.

In Amarillo, home sales are down, but not by much. 2006 set all kinds of records in Amarillo home sales. This year, sales are down by only three percent.

That's good news, but we still wanted to know how difficult it is to get a home loan. Debbie Bigelow with Amarillo National bank says it has a lot to do with credit, saying "the mortgage industry is very credit score-driven, so if you have a credit score that's over 700, you're in pretty good shape."

Pretty good shape meaning you will probably qualify for a loan. But if you have a credit score lower than 600, getting a home loan may not be so easy.

Lending firms across the country have cut back their loan programs because borrowers were not paying back their lenders.

But in the Panhandle, most of the loan programs are still in place. And even with a low credit score, other circumstances could help you get a loan.

Right now in Amarillo, around1500 homes are for sale, about the same amount compared with last year.

Lenders say don't panic. Here, it's still a good time locally to buy a home.

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