Our government passes new laws to improve the economy as the banks change their guidelines to make profit. Is this true? The lenders implement tighter restrictions for a buyer to acquire a loan. Today, it doesn't matter if a buyer has excellent credit because the restrictions are making it difficult to acquire loan.The reality is the government and the banks are tighten the lending industry. It is almost like good cop and bad cop in the real estate market. These guidelines comes from Fannie Mae, Freddie Mac and Ginnie Mae that implement these restrictions in the banking industry.
One of the main changes in the guidelines is purchasing another home if the buyer owns a home. The government hides behind the lending institutions, however, these guidelines are passed down to the lenders from the White House. If a buyer wants to purchase another home and they currently own a home, the buyer has to qualify for two mortgages. If the buyer hasn't filed rental income on their taxes, the buyer needs six months of reserve for both loans in order to qualify for another loan. It doesn't matter if you apply for a loan at Wells Fargo, Bank of America or Chase Mortgage because the White House passes the laws for the lending institutions. These guidelines, Fannie Mae and Freddie Mac, are from the White House not the lending institutions.
Opt-Out
One of the main changes in the guidelines is purchasing another home if the buyer owns a home. The government hides behind the lending institutions, however, these guidelines are passed down to the lenders from the White House. If a buyer wants to purchase another home and they currently own a home, the buyer has to qualify for two mortgages. If the buyer hasn't filed rental income on their taxes, the buyer needs six months of reserve for both loans in order to qualify for another loan. It doesn't matter if you apply for a loan at Wells Fargo, Bank of America or Chase Mortgage because the White House passes the laws for the lending institutions. These guidelines, Fannie Mae and Freddie Mac, are from the White House not the lending institutions.
Credit Score
Below 600
All Applicants
with credit scores below 600 may still have the opportunity to purchase an
affordable home. The booklet, "Increase Your Credit Score After Short
Sale, Foreclosure and Bankruptcy", provides the techniques to increase an
applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well
as the booklet at increaseyourcreditscorenow.com
We
provide a weekly blogging information at increaseyourcreditscorenow.blogspot.com
No comments:
Post a Comment