Lending standards near all-time highs

The Federal Reserve reported Monday that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit crisis.

[susan]

how do i tell you about my lender who recently turned me down for a loan?

[susan]

i had an adjustable rate that was going to "adjust" on may 1st. i secured a fixed rate loan from washington mutual and the closing was scheduled on april 10th. 5 minutes before closing, they called me to tell me the loan was refused because my condo association didn't hold a "Master Insurance Policy" on my house even though i carry my own homeowner's insurance. After being turned down by 5 other well-known banks, i finally secured a fixed rate loan. Tighter lending practices? you bet!

[John]

Not to mention that PMI has pretty much blacklisted all of South Florida. Unless you qualify for FHA its going to be tough to get a loan of any kind unless you have at least a 20% downpayment.

[Depression]

In Palm Aire just south of McNabb there is a house that sold in 1999 for $125,000 and sold again in 2004 for $285,000. They say we're back to 2004 levels...but this still seems to be overpriced based on the increase from 1999 to 2004. Now is a good time to be a renter.

[Home Stats Pro]

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