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After A Pause, Mortgage Guidelines Resume Tightening..
09/08/2011 By admin Leave a Comment Mortgage guidelines tighteningMortgage guidelines appear to be tightening with the nation’s largest banks. In its quarterly survey to senior loan officers nationwide, the Federal Reserve uncovered that a small, but growing, portion of its member banks is making mortgage approvals more scarce for “prime” borrowers. A prime borrower is described as one with a well-documented payment history, high credit scores, and a low monthly debt-to-income ratio. Of the 53 responding “big banks”, 3 reported that mortgage guidelines “tightened somewhat” last quarter. This is a tick higher as compared to prior quarters in which only 2 banks did. 46 banks reported guidelines unchanged from Q1 2011. When mortgage guidelines tighten, it adds new hurdles for would-be home buyers. Tighter lending standards means fewer approvals, and that can retard home sales across a region. Just don’t confuse “tighter standards” with “oppressive standards”. While it is more difficult to get approved for a purchase home loan in 2011 as compared to 2006, the same basic rules apply: Show that you have a history of paying your bills on time Show that your income is sufficient to cover your obligations Show that you can make a downpayment And the ... more

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