Banks Want Your Blood Type for a Loan Now Days!

Real Estate Agent with Dyer-Walker Real Estate 01273104

What's Your Blood Type?!!!

 Let me ask you! Is refinancing or obtaining a loan harder now days? What types of things are they asking you for? Tell me about your refinance experience? Was it something you felt you were ready for? This is my client's latest experience.

 My client who is very well qualified and has a nice portfolio is being asked to explain "the deposit on 7.8.10 for $494.00" and 6 others like it with different amounts. They want Tax Bills, Insurance Declaration Pages on rentals, and ‘ALL' the pages to the IRA, not just the summary."

 We understand lenders want to run your credit, check employment and make sure it all adds up.

But, WHAT!

Once a lender approves your loan, and I should say preliminarily...approve your loan... if that's a word...they give you a list of conditions...since their changing so many guidelines and terminologies, maybe they should start calling it "The Loan Counter Offer". Now days, as long as you meet their conditions, you can buy a house.

 Interesting... They've made it on one hand, "Extremely Difficult" and I really don't want to say Difficult, but they are being very detailed about a person's finances now. On the other hand, I understand.

 My latest encounter is "If a husband and wife file joint taxes, and they write off the interest on the home they both live in; however, she bought it before they got married and "he is not" on the loan or the title; and, she is going through a loan mod. I've been told twice, Fannie Mae and Freddie Mac will not lend to the husband, and he's putting 20% down.

Really?... Now that's Interesting...

 I could go on, as our market changes, I will go on. Interesting is one word me and several agents agree this market is. Some say it will last 3 years. I say 5-7. Maybe not 7... but maybe.

 I'm just wanted to share my latest experiences in Real Estate.


Comments (2)

Doyle Beekman
The Beekman Group-Keller Williams, Austin - Cedar Park, TX

You're right. the pendulum has swung the other way. That's what happens when you have days of loose money and the basic qualification for a loan was the ability to breathe. 

Oct 19, 2010 05:07 AM
Erika Walker
Dyer-Walker Real Estate - San Marcos, CA
"Selling Real Estate with a Touch of Class"

I know Doyle! I just read the laundry list of conditions my client had to provide.. there were 30 and her loan is for $100k!!! I have a headache!!!

Oct 19, 2010 08:09 AM