Hard to Get a Loan – Thank God

[SDEngineer]

FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.

[PadreBrian]

Easter Miracle AMEN!

New limits on mortgages
Some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed:

A borrower can’t receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent.

Loans for investment properties, second homes and manufactured homes are ineligible.

Interest-only, option-payment and two-or three-year adjustable-rate mortgages are ineligible.

Refinances that allow the borrower to extract all of a home’s equity are ineligible.

Loan amounts greater than $650,000 are ineligible.

[PadreBrian]

Easter Miracle AMEN!

New limits on mortgages
Some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed:

A borrower can’t receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent.

Loans for investment properties, second homes and manufactured homes are ineligible.

Interest-only, option-payment and two-or three-year adjustable-rate mortgages are ineligible.

Refinances that allow the borrower to extract all of a home’s equity are ineligible.

Loan amounts greater than $650,000 are ineligible.

[PadreBrian]

Easter Miracle AMEN!

New limits on mortgages
Some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed:

A borrower can’t receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent.

Loans for investment properties, second homes and manufactured homes are ineligible.

Interest-only, option-payment and two-or three-year adjustable-rate mortgages are ineligible.

Refinances that allow the borrower to extract all of a home’s equity are ineligible.

Loan amounts greater than $650,000 are ineligible.

[PadreBrian]

Easter Miracle AMEN!

New limits on mortgages
Some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed:

A borrower can’t receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent.

Loans for investment properties, second homes and manufactured homes are ineligible.

Interest-only, option-payment and two-or three-year adjustable-rate mortgages are ineligible.

Refinances that allow the borrower to extract all of a home’s equity are ineligible.

Loan amounts greater than $650,000 are ineligible.

[PadreBrian]

Easter Miracle AMEN!

New limits on mortgages
Some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed:

A borrower can’t receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent.

Loans for investment properties, second homes and manufactured homes are ineligible.

Interest-only, option-payment and two-or three-year adjustable-rate mortgages are ineligible.

Refinances that allow the borrower to extract all of a home’s equity are ineligible.

Loan amounts greater than $650,000 are ineligible.

[sd-maybe]

Well this seems to address the concern of price drops bringing in a undesirable element to some areas. I mean, if you don’t have 2 dimes to rub together as a down payment, it doesnt matter if the house is 500K or 200K, people who have no business getting a loan won’t be able to get one, as it should be.

[sd-maybe]

Well this seems to address the concern of price drops bringing in a undesirable element to some areas. I mean, if you don’t have 2 dimes to rub together as a down payment, it doesnt matter if the house is 500K or 200K, people who have no business getting a loan won’t be able to get one, as it should be.

[sd-maybe]

Well this seems to address the concern of price drops bringing in a undesirable element to some areas. I mean, if you don’t have 2 dimes to rub together as a down payment, it doesnt matter if the house is 500K or 200K, people who have no business getting a loan won’t be able to get one, as it should be.

[sd-maybe]

Well this seems to address the concern of price drops bringing in a undesirable element to some areas. I mean, if you don’t have 2 dimes to rub together as a down payment, it doesnt matter if the house is 500K or 200K, people who have no business getting a loan won’t be able to get one, as it should be.

[sd-maybe]

Well this seems to address the concern of price drops bringing in a undesirable element to some areas. I mean, if you don’t have 2 dimes to rub together as a down payment, it doesnt matter if the house is 500K or 200K, people who have no business getting a loan won’t be able to get one, as it should be.

[donaldduckmoore]

They are more cautious to loaning money these days not only to home loan but to a wide range of loans. They are running out of cash and the lenders do not trust each other to loan. That is why.

[donaldduckmoore]

They are more cautious to loaning money these days not only to home loan but to a wide range of loans. They are running out of cash and the lenders do not trust each other to loan. That is why.

[donaldduckmoore]

They are more cautious to loaning money these days not only to home loan but to a wide range of loans. They are running out of cash and the lenders do not trust each other to loan. That is why.

[donaldduckmoore]

They are more cautious to loaning money these days not only to home loan but to a wide range of loans. They are running out of cash and the lenders do not trust each other to loan. That is why.

[Author]

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