Anyone directly suffering from credit squeeze (Dallas, Fort Worth: mortgage, loans, broker)

[loves2read]

I don't mean losing money in stock market...
but has anyone been turned down for loan or had to come up with more down payment to qualify?
Anyone tried to buy a car and could not get the money?
Anyone have money in a bank and not been able to have access?
Anyone lose a job because of the downturn?

I am just waiting to see when this actually starts to filter down to real life...

my daughter lives south of Sarasota FL and they were looking for new car this weekend--hers was totaled in accident couple of months ago and they are finally getting around to getting another...
she asked at each of the dealerships about financing and when they told them their credit was top of the line, salesmen said "no sweat"...
so I just don't think little people are seeing the same problems that corporations in certain areas are
read that shipping is starting to feel the pinch of tight credit---one shipper in Canada with excellent credit history was having trouble getting some short term commercial paper passed to put grain ships in the water...
normally a routine part of his business but not now...

[Texas-RE-Broker]

Anyone can still get a loan for a home with FHA, All you must have is a 580 credit score and 3% down. It is a full doc loan. You cant spend over 281k in Fort Worth or 291k in Dallas.

Also if you have a 620 you can go conv loan with only 3% down. So there is no problem here in Texas on Home loans

[loves2read]

I just think the media are working the fear/panic angle with this sector as well...
I think it is happening in some areas and sectors more than others...but I wish the stories were more balanced in presentation ...

[pammybear]

We are still getting lots of credit card applications in the mail. Each week I throw them into our junk mail--we don't need any more but the applications keep coming!!

Pam

[Peanut1]

I am really not looking forward to all that credit history stuff.

my husband has been living in Germany now for nine years and has no credit history in the U.S. anymore.
I really hope that that financial crisis (which is also affecting Germany and Europe) isn't going to make things worse for us not having a credit history at all.
Getting a bank account, finding a house to rent, getting a car...okay, my husband has time until June 2009 to more or less get everything prepared because that#s when I am going to plan moving to Texas with the kids, but still....I am looking on all our plans a little bit more concerned now.

He was planing to open up an own photography studio in a couple of years. That's his biggest dream of all....hope his dream will come true!

[ZeroTX]

Just signed on a conventional mortgage w/ 5% down, no problems. Went through a broker to get a lower rate and the loan got immediately bought by JP Morgan Chase, which is who we will make our payments to.

When I went to Chase directly, they offered us a higher rate on an FHA. If someone tells you that FHA is the way to go, tell them to take a hike unless you've tried elsewhere. In case you're curious, FHA loans have some pain-in-the-behind inspection criteria that don't always apply to the house you want.

Anyway, I think if you have decent credit and 5% down, and are buying a house that is TRULY in your price range, you'll be fine. You should figure total housing costs of no more than 25% of your total take-home pay. If you can do that, you'll be great. If you're really safe, you make sure it's no more than 25% of ONE income-earner's take-home pay, so that you're insulated against tough times, too. You can still buy a 100-130k house in Texas in a good neighborhood, so if you're making under 100k/year and you're still looking at 200k houses, then you deserve to have your mortgage denied.

[loves2read]

I am not just trying to find out about buying a house--but anyone who has actually had any problems so far...
problems that most people have that I read about are months/years in the making..not just the last two weeks...
unless they were working at Lehmans Bros...

[tstone]

What credit squeeze? I have a conventional, fixed rate mortgage. Besides that, I don't owe anyone a dime. My next new car fund is already in the savings. And once the house is paid off (as early as possible), I'm officially free from this corrupt, oppressive, borderline criminal system.

"The rich rules over the poor, And the borrower becomes the lender's slave."
--Proverbs 22:7

[ZeroTX]

Originally Posted by tstone

What credit squeeze? I have a conventional, fixed rate mortgage. Besides that, I don't owe anyone a dime. My next new car fund is already in the savings. And once the house is paid off (as early as possible), I'm officially free from this corrupt, oppressive, borderline criminal system.

"The rich rules over the poor, And the borrower becomes the lender's slave."
--Proverbs 22:7

Another Dave Ramsey fan :-) I'm right there with you, bro. We did just sign on a new mortgage, but only to move closer to family. My truck is almost paid off and we are going with the Ramsey method from now on. My truck will run long enough to save for my next vehicle and to never be a slave to banks again.

[tstone]

Yep. I used the principles he talks about, but I did the steps in a different order. I was looking at minimizing interest paid while mitigating risk. I'm also not a religious person at all, but that quote is simply common sense. And last time you checked, what rights did slaves have anyway? Zero, and even less in ''business friendly'' states such as ours. Those out there maxed out & living on the edge, thinking the squeeze didn't affect them are mistaken. Give it some time. Let's see what happens when those credit card co's start demanding a larger minimum payment.