Does it increasingly difficult for people to get a mortgage?

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I have here, is that more and more difficult for the people and for a mortgage guidlines loan.That many are still close to qualifying. Who now knows the truth about the mortgage industry. Who can and who is not? Investment property is harder to get what the problem is. I think people talk too much to scare consumers. If yes, I understand, because so many banks trying Forclosure, these offers are to be avoided. And brings more stability.

  1. Reply
    February 15, 2011 at 10:58 am

    IT is getting harder big time you think the consumers are scared try being a lender They are reporting record losses and there stock is dropping big time, there are a few already declaring bankrupts.

  2. Reply
    February 15, 2011 at 11:22 am

    Yes the requirements to obtain a mortgage is sort of tightening, especially for those that are in the sub-prime area of the industry. Where as before you could get what is commonly known as a no income no asset verification the lenders might still allow the no verification of income, but now want to have at least 2-3 months of seasoning of your mortgage payment in some type of bank account you have. Seasoned mean it must be in the bank for at least two months, though some will go with just 2 months

    Those with excellent credit scores and good debt paying habits will not normally have a problem as they will not notice any drastic rule changes for them as most have the items necessary any way. They normally have money in the bank, savings accounts, and their debt is not excessive compared to income.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  3. Reply
    February 15, 2011 at 11:34 am

    Sub-prime lending (aka bad credit lenders) has become much more difficult. Many of these lenders have taken a financial beating in recent months, and hence have tightened their lending guidelines.

  4. Reply
    February 15, 2011 at 11:35 am

    It should have never became easier and there wouldnt be such a bubble. Guidelines have tightened a bit and need to tighten a bit more still. Then some of the crooks might exit the mortgage origination game and borrowers will get more ethical service. Rates are meaningless to people that have no intent on making their payments. Stricter guidelines used to screen away most 1st payment defaults. Loans used to never exceed 97% ltv with most preferring 90% as a maximum. When people have nothing of their own at stake they become reckless. This cashing in on artificially created, easy equity, has set a financial trap many won’t escape from. Additionally the current lending situation has effectively allowed Chinese investors to buy out our security under the guise of homeownership for most Americans. Thanks Washington DC for selling out America and profiting off of what our forefathers tried to prevent.

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