Why is the average home buyer bieng punished?

Deal Score0

Ok, this is the deal.
The lenders now tell you mr. and mrs. home buyer. ” your credit rating of 660 is not good enough any more for you to qualify for the wonderful rates we are offering”. The reason is that we have to tighten up the credit guidelines because too many of your have been screwing up.
the truth ….
The criminals we let get away making fraudulent loans , false docs, no docs 125% of value, sucker interest rates and so on ie… sub prime mortgages.
Not only will you have to pay but this is going to continue to the ressession that we are making believe doesn’t exist go on even longer because the average home buyer can’t buy or refinance their mortgage.

makes sense doesn’t it? We business as usual. So don’t forget to vote for the same criminals in Washington that have been abusing us for decades. Their criminal fund raiser depend on you….
You Need 720 to quality for an FHA loan

  1. Reply
    April 29, 2011 at 11:38 pm

    I guess that’s why this is called RANTING AND REAL ESTATE…..

    BTW – If you’ve got a 660. try an FHA loan.

  2. Reply
    April 29, 2011 at 11:50 pm

    You’re absolutely correct – it is business as usual.

    The lenders tried to make more profit by giving mortgages to people who couldn’t qualify to pay for dinner an hour after they finished eating, and now they want to make more profit by charging more interest to people with excellent credit ratings. 27% interest on credit card debt? It wasn’t that long ago that 20% was considered illegal usury.

    The situation won’t change. We’ll be lucky to remain in the current recession (who’s kidding whom about our MAYBE getting CLOSE to a recession SOON?) and not drop into a full depression, what with the government cheapening money so as to be able to repay its debts. The value of the dollar keeps dropping, and more people lose their jobs. What a country!

  3. Reply
    Bernadius J
    April 30, 2011 at 12:20 am

    Maybe they’re doing you a favor. The Govenment that is suppose to have laws in place to protect the people but they are doing just the opposite because of GREED.
    Interesting how one can qualify for a rental at $ 1200 per month but cannot qualify using the exact same score and income for a mortgage of only $ 700 a month. If you don’t have a large family. I suggest you find some land and purchase a storage shed for under $ 5000 pay an electrician to install some solar panels and save your money until can can afford to buy something that the greedy banks have foreclosed and are tired of holding onto (so they’ll practically give it away). I know that sounds extreme. The other recommendation is to live with someone you can trust (trust noone) enough to buy a duplex resonalbly priced then double or even triple up on the mortgage.

  4. Reply
    April 30, 2011 at 1:13 am

    Hello Asker,

    You have some very valid points, but i think you have simply not looked in the right places.

    Im not sure you have spoken with about your situation, but i think they have given you some incorrect advice!

    First of all, you are right all the large banks and lending institutions out there are and have been in trouble for a while. This happened because exactly as you put it, the No doc, and Interest Only type loans. Not that these loans arent right for the SMART borrower, but unfortunately the people getting these loans didnt think their finances through.

    Anyways, back to the point….

    These banks are in alot of trouble, but believe it or not there are still banks out there that are thriving!

    I work with a nationwide wholesale lender. Our investors lend their own funds, meaning they are not at risk when Wallstreet is in trouble. They determine their own guidelines and rates seperate from what other banking institutions follow.

    Point being, I am qualifying borrowers with the lowest interest rates on the market with scores as low as 640. So, with a 660 you will be okay given the other qualifying factors are in line. (Debt ratio, LTV, assets, etc.).

    Now, as for the FHA, im not sure where you heard you need a 720 for FHA but that is completely incorrect. I have been doing FHA loans for years, and have helped people with 660 scores get into FHA loans often. (even recently). But, i wouldnt even look at FHA unless for some strange you didnt qualify on our wholesale line, which is very unlikely.

    I have helped numerous homeonwers here on Yahoo answers both refinance and purchase homes. I would be happy to assist you further and if nothing else answer any questions you may have. By the way, what state do you reside in?

    I work with Barclay Butler Financial, and we serve almost all states. Our corporate office is in Chicago IL. Feel free to take a look at my profile and call or email at any time!

    Best of luck to you!

    Jason Fry
    Licensed Mortgage Consultant

    Also, even more importantly

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