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Buying a House in Today’s Mortgage Market
Anyone interested in buying a house in the Dallas area today has heard that they should expect to find tougher mortgage lending requirements. Sometimes that can seem arbitrary -- or just plain unfair. But unfair or not, the new lending reality is probably here to stay for a while, and the causes are understandable.
The mortgage industry learned a powerful lesson from the past, when it pretty much gave anyone who applied a generous loan – sometimes with practically no questions asked. But this “generosity” created financial problems for both the banking industry and the country as a whole. It's not hard to understand why lending guidelines are stricter.
Reducing Loan Defaults
The overriding reason for tougher lending policies is to reduce the number of loan defaults. In order to qualify for a mortgage, borrowers are finding that lenders now look more closely, may require a higher annual income, better credit score, or a larger down payment. Their high-priority goal is preventing any foreclosure situation where the bank owns a property it has to sell or rent itself.
Questioning Future Value
For many years, homebuyers never questioned the investment value that seemed to automatically accompany any piece of real estate. Buying a ... more

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