We are being bombard daily regarding the subprime meltdown and its possible negative effects upon the conforming loan market. Much of this media hoopla is true. Underwriting guidelines are becoming stricter every day and a borrower that may qualify today may be out of luck tomorrow.
This means that real estate buyers with challenged credit, or no down payment, or undocumentable income may have trouble finding a loan program. FHA, VA and Fannie Mae's My Community program may be of some help, but there will be some people who just won't be able to get financing.
So tighten your seatbelts... it's going to be a bumpy ride for the rest of 2007 and perhaps well into 2008.
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