Credit Woes Not Affecting Topeka Loans

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Topeka, KS (WIBW) Senators have passed the much criticized "bailout bill" by 74-25 vote Wednesday sending it now to the House. A vote is expected this Friday.

How is Topeka holding up with the credit card crunch?

We spoke with a local Realtor and general manager of an auto dealership to see how loans are being affected by the national credit crisis.

"We're not seeing any affects at all in this latest crunch that's getting on the news with the Wall Street bailout, we haven't seen any affects at all in that regard," said Dan McGinley with Prudential First, Realtors.

McGinley did say that credit has been tighter since the first of they year but that is aside from the current credit woes. He says the days have passed with 0% down to purchase a home. McGinley did say that with good credit you can purchase a home on a 90% loan with 3% down with some FAJ programs.

"VA loans those are 100% programs, of course you have to be a Veteran and there are rural development loans pretty much outside Shawnee County."

"You know there are some issues out there but quite frankly there is a lot of money. We're very fortunate we're in the Midwest where we live in Topeka Kansas because we don't have nearly the severity that the east and west coast have," Alvin Dvorak GM of Briggs Dodge said Thursday.

Dvorak says he had great sales for the Month of September. He like McGinley said there is a big change for the auto industry as well with them doing away with nearly all lease programs, he too said that it had nothing to do with this current crisis.

"If you have a high credit score money is readily available. I think we're seeing a little bit more struggle with mediocre credit."

Now is the time to buy according to both gentleman, they agree if you have a good credit score that money is available.

"It's a great buyers market, the best buyers market we have seen in a long time. Combined with low interest rates, it's a terrific time to buy," McGinley added.