
Of course not everyone can be a cash buyer so for many people there are no other options. As an ex-mortgage broker who had seen the rise and fall of the housing market during the sub prime heyday, I believe obtaining lending from a bank should be the absolute last option. If private financing is not an option or is too costly, I advise you to check into a local credit union to see what kind of loan programs they can offer. If you have to get a loan from a traditional lender, be sure it’s a fixed loan and if possible get yourself setup with a mortgage accelerator that allows you to pay off a 30-year loan and as little as 7 years, saving tens or even hundreds of thousands in interest.