Posted by jba/fl on 7/16/07 10:29am
Msg #200059

Mortgage industry woes

http://realestate.msn.com/Buying/Article
Accessed from www.msn.com this am to see a lot of tightening of rules to get mtg (and one would assume, by extension, for refi's as well) says in part:
With the collapse of the subprime market, mortgage loans are becoming harder to get. You'll need a higher credit score and a bigger down payment, and you'll wait longer.

By Alison Go, U.S. News & World Report

Reply by Michael/FL on 7/16/07 11:36am
Msg #200074

So very true. I have found it harder and harder to get people approved because they don't either. For those who have one still don't want to get involved simply because the rates would be to high for them still. For one thing I dislike using ARM's or I/O loans because sometimes the borrow has a doubt about it in mind but in these times it tends to yield them the payments they want.

One way or another you can't have both, you have to sacrifice with a higher mortgage mayment or a down payment if you can't meet the requirements.

Good article, thanks!