Is it getting harder for people to get approved for a mortgage?

Question

I here that it is getting harder for people to qualify for a mortgage loan.That a lot of guidlines are getting tighter. Who now knows the real scoop on the mortgage industry. Who qualifies and who don't? Is investment properties harder to get whats the deal. I believe people talk to much to scare consumers. If so I understand because there are lots of forclosures so banks are trying to avoid those deals. And bring more stable ones.

Answer 1

That's exactly it, many banks have lost money because of crappy loans, so they are all tightening up. I've seen many smaller mortgage companies go out of business in the last few months. The larger companies have tightened their guidelines to make sure they are getting a quality application. It used to be pretty easy to buy a house without money down and without proving income. Now it's very difficult, the bank wants to see how much you make or see you put a nice down payment, which makes sense. Shoot me an e-mail and I can help you figure out what these changes mean for your particular scenario.