Pam of VA is Correct...most Americans just want a fair chance to improve themselves,their families; to earn a fair wage, and rebuild what is 'broke.' Make it so, Banks and Regulators.Do your jobs, take a shot on Americans who are willing and able.....be creative and help America rebuild from the days of unscrupulous lending (bundling), lend a hand and Stand Back!
JDof NY9:23AM August 30, 2011
Lending has become more difficult for highly qualified borrowers who have substantial tracable yearly income. Enormous amount of documentation requirements are making people's life's miserable and making them not wanting to buy that they are more than qualified for.
Borrowers who have the capacity to move up and keep their current home as a rental, the banks have just made it impossible for them just because they don't have any "experience" being "landlords" even though they have 6 months reserves to cover the mortgage just in case the house stays vacant for a month or so in the areas where houses rent before they are even vacant. Banks won't even consider more reserves.
Foreign immigrant Americans who have resources outside US and have ability to liquidate assets overseas to make their life easier here and be able to put more money down, that could help the US economy moving....... but these unnecessary lending guidelines make the process miserable for everyone involved.
If we all want this economy to improve, lending guidelines have to change:
Rental income should be considered as additional income.
There should be no such requirement "experience as land lord". The market rental amount should be considered as potential additional income and have 3 months funds held in escrow funds as reserve to cover for vacancy period.
Current home owners should be able to refinance 100% of current loan amount regardless of current market value of the property. This is the only way to reduce short sales and foreclosures.
Pamof VA7:58AM August 30, 2011
Speculators, sub-prime, gov. over spending, nieghborhoods raped of recirculating cash flow. Realtors comm. 6% is money from, money in, new home, new decorations, paint, carpet, appliances, the local eco.'s boom. America still seaching for majic pill, nothing happens in an instant, each journey begins with the first step. Eco fall, and crimminal activity dropped credit scores for large %. kill all the big three raters, kill t-bills, force money out of washington, and into banking system. People borrow from local bank, money is left to do good from wher it is generated. Eco.'s that fail are more easily targetsd for alter. out of the box approaches.
todof FL4:55AM August 30, 2011
In 2001 I purchased a newly constructed condo for 107,00.00. The company I was working at (Conti Mortgage/Fairbanks) closed the Horsham, PA branch & I decided to sell my condo & move to Florida (2003) I sold my condo for $162,000. I was able to purchase a newly constructed home in Cape Coral,Fl for $175,000...I loved my life! In less than 2 yrs. I lost my job due to the construction industry & eventuallu forced to sell my home at a short sale. I was $200.00 short to pay my mortgage due to Suntrust bank. I called them to request making my car payment the following week, the person at Suntrust was nasty & when we hung up the phone she took the money out of my account without my approval (I did my banking at Suntrust as well. When I called my mortgage co I was told to hold on to the money until the following month & make 2 payments. I was still a little short but I had enough to pay at least 1+ months, however I was told to hold on to the money for yet another month. After the third month I was told they would not take any of the money I had, which was more than 2 months. I was forced out of my home after I found a buyer & had 6 days to move out when I was told I would have 30 days. The bank was going to charge me $60.00 a day if I stayed. I was forced to move back to PA Im renting a room...I have been in & out of temp jobs because no one is hiring on a perm. basis because they do not want to pay benefits! I hav no medical or dental ins. I owe a dentist $3,000. I cant get my own place due to my credit ( which was very good) Even though I was not collecting unemployment very long (working steady for different emp.agencies) I do not have one company that I work for perm. Im paying 19.9% interest for a purchase of a 2005 car! I see no way out for me. At times I was forced to live in my truck. thru blizzards & the heat of the summer in the rain when you could not put the windows down..I was grateful I at least had my truck. There is a lot more but who really cares. I feel there is no hope for me now, I will be 62 this year, no home of my own, no permancy in my life...who really cares?
Nora LaRuffaof PA4:34AM August 30, 2011
From the article: "The lending community is fairly conservative right now."
With ALL of the double-talk over the years, it should really be referred to as:
"The lending CON-munity".
And then it is NOT 'fairly conservative' --- BUT:
"NON-fairly and UN-fairly CON-SERV-A-TIVE!"!
It's ALL a "CON" to "SERVE UP" 'the people' to the "TIVES"/"THIEVES" who line
their pockets on the backs of 'the populace'!!!
And NOT only 'right now' --- BUT: ALL-WAYS!
The inscription on the 'Statue of Liberty' reads:
"Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tossed to me.
I lift my lamp beside the golden door."
IS THERE NOOOOO "SHAME"!!!???
Jerryof OR6:29PM May 24, 2011
Interest rates are simply incredible on mortgages right now. It's not uncommon to see 30 year rates down in low fours and 15 year rates in the threes. Week after week, the rates keep dropping If you are looking for rates in three then search online for "Mortgage Refinance 123" and learn how to do refi.
joel thomasof CA6:31AM May 11, 2011
I have to disagree. Before the recession, you could get approved on your credit score.. with only about 5% down.
So before the government jumped in and changed the rules you could buy a $200K house with a good credit score and $10,000 in cash or "equity" if refinancing.
Now you need a perfect credit score, long term employment, $40,000 in cash, and a lower debt to income ratio. All that when most people's incomes have gone down.. and many others have been forced to change careers.
The new rules and unfairly low appraisals forced by the government are the problem!
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JD of NY 9:23AM August 30, 2011
Pam of VA 7:58AM August 30, 2011
tod of FL 4:55AM August 30, 2011
Nora LaRuffa of PA 4:34AM August 30, 2011
Jerry of OR 6:29PM May 24, 2011
joel thomas of CA 6:31AM May 11, 2011
Jenny of OR 2:47PM May 10, 2011