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12-04-2008, 03:08 AM
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Cantankerous
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Join Date: Apr 2007
Location: Los Angeles Area
3,306 posts, read 1,148,368 times
Reputation: 592
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Now tight is mortgage lending now?
I'm mainly interested in mortgages from a macroeconomic point of view, but I'm curious what is going on out in the street. For the people that work in the industry, how tight as the mortgage market gotten?
I know FHA still allows as little as 3.5% down, but just how tight are the standards now?
What about Jumbos? Easy to get?
Are stated-income, IO, pay option ARM etc totally out of the picture now?
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12-04-2008, 07:30 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,701,239 times
Reputation: 673
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FHA has the same guidelines but some lenders are imposing the minimum 620 score. Some lenders are going down to 580.....and a lot of lenders are being 'picky' even if the loan fits into the guidelines
Jumbos are the same but Loan to value has decreased with most companies. If you want a good rate then you may have to put 20-25% down.
There are still Interest Only, and ARMs.
I dont know any companies doing Pay Option ARMs...and not many for stated
Quote:
Originally Posted by Humanoid
I'm mainly interested in mortgages from a macroeconomic point of view, but I'm curious what is going on out in the street. For the people that work in the industry, how tight as the mortgage market gotten?
I know FHA still allows as little as 3.5% down, but just how tight are the standards now?
What about Jumbos? Easy to get?
Are stated-income, IO, pay option ARM etc totally out of the picture now?
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12-04-2008, 09:19 AM
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Senior Member
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Join Date: Aug 2007
Location: SE Michigan
609 posts, read 452,504 times
Reputation: 157
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Isn't FHA 3% dp until Jan 1?
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12-04-2008, 09:20 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,701,239 times
Reputation: 673
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yes
Quote:
Originally Posted by kcam213
Isn't FHA 3% dp until Jan 1?
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12-04-2008, 09:48 AM
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Senior Member
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Join Date: Aug 2007
Location: Denver
840 posts, read 842,246 times
Reputation: 179
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I could not get a 5 percent down conventional loan in areas west of denver. Due to declining markets. FHA works though.
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12-04-2008, 06:13 PM
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Humanitarian Vigilante
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Join Date: Jan 2008
Location: Broward County
2,080 posts, read 1,714,124 times
Reputation: 562
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I got FHA with 2.5% down here in South Florida....
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12-04-2008, 06:29 PM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,701,239 times
Reputation: 673
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FHA allows a 2.25% down payment with buyer paying closing costs
if the seller pays closing costs then it's 3%
Quote:
Originally Posted by heydade
I got FHA with 2.5% down here in South Florida....
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12-04-2008, 07:33 PM
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Senior Member
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Join Date: Aug 2008
Location: Plano, Texas
644 posts, read 343,216 times
Reputation: 147
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It is no where near as tough as the media has lead people to believe.
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12-05-2008, 09:50 AM
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Member
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Join Date: Jan 2007
61 posts, read 41,112 times
Reputation: 17
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Quote:
Originally Posted by VictorBurek
It is no where near as tough as the media has lead people to believe.
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That's the impression I have gotten as well. I think it is very tough for people who were borderline for approval to begin with but not so for people who were otherwise going to have no issues with qualifying. |
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