Monday, June 2, 2008

New Rules for Mortgages Make Qualifying More Difficult

Really? This is News?

That due to the nation-wide Real Estate Bubble, Plummeting Housing Values, the Credit Crunch, Inflation, Rampant Consumer Spending, Rising Foreclosure Rates, Predatory Lending Practices, Creative Mortgage "Products," and blah, blah, blah, blah, blah....

Most Banks Now Require A Potential Buyer to Have:

*A "Good" Credit/FICO Score - 660 or in some cases 720 and above

*20% Down Payment

*Stated, Verifiable Income

*A Debt-to-Credit Ration no larger than 43%, including credit cards, auto loans, student loans, etc.

Does this seem unreasonable?

Even if you meet these qualifications, however, you may still be denied, thanks to all the folks who are crapping out on their mortgages, AND to the flippers, mortgage brokers, investors, Wall Street speculators, etc., who helped created the current mess.

Read More on the Tighter Mortgage Market Here.

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