No Shirt, No Shoes, No Mortgage
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit…
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit scores have to pay much bigger down payments. To add insult to injury, loans are coming with more fees nowadays, especially for those with less-than-pristine credit. One financial analyst says loan applicants with credit scores below 720 and down payments of less than 40 percent face fees between .5 and .75 percent of the loan amount. Is all this a necessary correction, or has the pendulum swung too far in the other direction, making home ownership unattainable for a huge segment of the population?
Lenders Raise the Bar [NY Times]
Chart from The New York Times.
Ok, this is no fun anymore. I’ve posted three incredibly humorous and intelligent posts and nobody is responding to me. The only love I’ve gotten is one paltry shout out this morning.
Where is the love? Have I become that irrelevant?
The What (boo hoo)
Someday this war is going to end…..
We went to an open house a week ago for Park Slope brownstone. We bid asking price and lost the house to a higher bidder. I don’t see what you see, The What. I see that it’s happening in Lodi, but I don’t see it happening here.
I do have a clue in fact.
We just recently signed a contract on a home in Park Slope and were approved last week.
You simply need to look harder than you once did to find these mortgages.
But Americans are lazy.
There is something real funny about this post! Where are the Asshats??!! No one is going to make a argument for higher prices?! No one is going to say “Real Estate only goes up”?! Where is these guys???!!! Come on, The What wants to see you! Where are you!! Housing Bulls come out to playa…….
The What
Someday this war is going to end…..
10:19 you are living in the past. Large mortgages are almost unavail. right now even with 800 + score. And if you are buying in certain areas that have been flagged. You may not be able to get it even with 40 percent down. You have no clue
Back to bricks and mortar. Good credit score, cash in the bank, verifiable income and assets, you can get a mortgage with a good rate. Missing one of those, continue to pay rent.
9:12….
Did you ever think that people on this website have in fact had good luck with getting mortgages because we are financially stable??
My credit score is over 800. I’ve had ZERO problem getting a mortgage, as I suspect can be said for others who are buying 2 million dollar homes.
10.00 – thats because the people they gave it to have already spent it on plasma TVs, SUVs, in-ground pools and candy.
“So, it’s not just about the worthiness of the buyers. It’s about banks that have just removed many types of loans from their product line.”
Ding ding ding!!! Yes folks we have a winner!!!! This going to kill this Mutant Real Estate Bubble people!!! The products have been yanked off the selves! just a year ago they had products like this: 100% financing stated income stated assets stated wage earner! This was the crack product of Mortgage Brokers and they made tons of money off of it. But the defaults was running at 50% on these products and the banks have a flag pole stuck up their asses. First payment defaults was highest among this group too. now there is no more crack and the ride is over!
The What
Someday this war is gonna end…