Posted by ME/NJ on 5/14/08 12:26pm
Msg #247414

Major Banks get even tougher on loans

I had 3 people in the last 2 weeks with a credit score over 700 and 40-50% equity and 3 major banks said no to a loan. Each one had to go through a broker, they all got great rates but it cost them at the table.

2 of them were told that we live in a Dis-stressed area, and one paid off his WAMU line of credit because they reduced 60K 3 weeks ago.

I know banks changed there guidelines in September, but if they are getting even harder in the last month no one will get a loan unless they are perfect.