A growing number of economists have fresh concerns about the future of the mortgage industry, and the availability of home loans for future home buyers. Many question how many buyers will be left in the market when the $8000 tax credit expires.
A New York Times article supports the notion that banks will continue to tightly monitor all lending practices, and that it will continue to be difficult for Americans to borrow money. FHA Mortgages that have provided the financing for many home buyers in 2009 may see some changes in 2010.
There is legislation being drafted to increase the required down payment from 3.5% to 5%, and would potentially take away the option for seller concessions for closing costs. The mere fact that such a proposal even exists, is cause for concern for many. This report from Fox News has more information.
Subscribe to CommentsComment