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I've called 20 banks today ... and you won't believe it ... they've all got money to lend, there not rejecting credit worthy applicants, there loaning money and encouraging those looking to buy a house to buy. I asked if I could get a $100,000.00 mortgage with 10% down, I don't need one, I was checking this credit CRISIS! I said using a fictional character and facts, I have a job, I make $50K and I have $10K in CC debt, and a good credit score, any problems? No they replied, come on in and will do the paper work.
Now I called small local and regional banks, the largest bank I called was BB&T.
The Senate pass the bill and the market took a nose a dive ... so what is this hysteria about? I think this is a media and government driven panic. But the question is why? And I'm not one for conspiracy theories.
I'm just not buying it. If it smells like a turd, looks like a turd, it's a turd and something smells.
Your absolutely right, if you are CREDIT WORTHY, you can still get a loan. But, if you are not credit worthy and are trying to buy something that you really can't AFFORD, ie a $350,000 house on $50,000 a year, you will not find credit. We're going back to the way things used to be, where you can only get credit if you are worthy of it. If you're not, you shouldn't get it. It's really that simple.
For those businesses that supposedly can't get credit, and need it to run day to day operations, lets face, it, their doomed to fail anyway.
I've called 20 banks today ... and you won't believe it ... they've all got money to lend, there not rejecting credit worthy applicants, there loaning money and encouraging those looking to buy a house to buy. I asked if I could get a $100,000.00 mortgage with 10% down, I don't need one, I was checking this credit CRISIS! I said using a fictional character and facts, I have a job, I make $50K and I have $10K in CC debt, and a good credit score, any problems? No they replied, come on in and will do the paper work.
Now I called small local and regional banks, the largest bank I called was BB&T.
The Senate pass the bill and the market took a nose a dive ... so what is this hysteria about? I think this is a media and government driven panic. But the question is why? And I'm not one for conspiracy theories.
I'm just not buying it. If it smells like a turd, looks like a turd, it's a turd and something smells.
Do you honestly think they would've told you any different over the phone? Besides, you're talking about small local and regional banks in Kentucky. The housing market in Kentucky has not been hit nearly as hard as other states.
well they're telling you that.. but it is not the case.. a friend of mine was looking to buy a house and she has really good credit.. a good job 70k and no cc debt just a car payment.. and she was looking to buy a house for 150,000 which is the average price currently houses are selling for in this market.. she was given an approval letter.. but it's been 2 months now waiting for the deal to close though... its like they're waiting out... she's becoming very frustrated with the entire experience
Of course, they will tell you that over the phone. The person you spoke with is suppose to say things that will get you into the door. I would of done the same thing.
But, their underwriters may have a different story.
Also, it has only be a couple of weeks since this really started getting serious. Things like this take weeks and months before it really has an impact.
well they're telling you that.. but it is not the case.. a friend of mine was looking to buy a house and she has really good credit.. a good job 70k and no cc debt just a car payment.. and she was looking to buy a house for 150,000 which is the average price currently houses are selling for in this market.. she was given an approval letter.. but it's been 2 months now waiting for the deal to close though... its like they're waiting out... she's becoming very frustrated with the entire experience
Was it a pre-approval letter or approval letter? Big difference. pre-approval letter is not worth a damn thing.
This sounds like an issue with her loan that has nothing to do with the current issues. It may be something about her file or the loan officer is just incompetent. I use to work in mortgages and am in regular contact with my former co-workers and they are still closing tons of business without issue.
Do you honestly think they would've told you any different over the phone? Besides, you're talking about small local and regional banks in Kentucky. The housing market in Kentucky has not been hit nearly as hard as other states.
You know why?
Common sense! You don't loan money to people that can't afford it.
And I'm in Far Western KY, I called KY, TN, IL, and MO.
Of course, they will tell you that over the phone. The person you spoke with is suppose to say things that will get you into the door. I would of done the same thing.
But, their underwriters may have a different story.
Also, it has only be a couple of weeks since this really started getting serious. Things like this take weeks and months before it really has an impact.
A lot of the smaller and regional banks, at least around here, keep there loans, they don't sell them and they are the underwriter of the note.
The credit has dried up for losers, the same people who caused this mess in the first place.
The people who are in debt out the wazoo and have failed to make payments on contract they signed credit has dried up.
Just to let you know I own a small business and for the first time in a long time my bank called me and ask if there is anything I may need. Guess this scam is working on some but not for me.
My FICO score is 794, I pay my bills on time every time. For those with bad scores below 650 and who have had credit troubles you should have your credit dried up until you can take responsibility.
This is a scam, this is not a rep or dem issue, it is our elected officals scamming us.
Now they want to add arrow toy making and roads in P. Rico to this sucker job,
We do not need this. They are all lying to us.
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