A The Wall Street Journal article a few days ago reported that 26.7 percent of all home mortgage applications were denied in 2010 by the 10 largest mortgage lenders. I have heard constant stories about how difficult it is to get a home loan but this is the first hard number I have seen on how large the percentage actually was.
One denial pointed out in the article was too close to home and probably is so to many of you who read my blog:
The article also highlights the plight of a Colorado real estate agent, who has an 800+ credit score, no debt and is putting over 50% down on a $400,000 house. She's also getting a $400,000 cash settlement from a divorce but thanks to her spotty income the last 2 years from the slow housing market, the bank said no.
Maybe the pendulum has swung too far and it is time to go back to reasonableness in all things, especially something as important and often heart wrenching as buying a home. Maybe this is a solution to the mess we are in, if we weren't too greedy we wouldn't be where we are today and if we don't go back to being reasonable, how long will it take us to get out of this quagmire??
In order of lowest denial rates to highest:
- 19.9% Minnesota
- 20.3% Virginia
- 21.0% South Dakota
- 21.0% Kansas
- 21.1% North Dakota
- 21.6% Iowa
- 21.8% Nebraska
- 22.4% Maryland
- 22.8% Colorado
- 22.8% District of Columbia
- 23.0% Wisconsin
- 23.1% North Carolina
- 23.3% Washington
- 23.6% California
- 23.7% Massachusetts
- 23.8% Alaska
- 24.4% Delaware
- 25.1% Missouri
- 25.1% Pennsylvania
- 25.2% Montana
- 25.5% Illinois
- 26.0% Connecticut
- 26.4% New Hampshire
- 26.5% Oregon
- 26.6% New Jersey
- 26.8% Wyoming
- 27.2% South Carolina
- 27.4% Arizona
- 27.5% Hawaii
- 28.2% Indiana
- 29.0% Idaho
- 29.1% Rhode Island
- 29.2% Nevada
- 29.5% Georgia
- 29.8% Maine
- 29.9% Tennessee
- 30.0% West Virginia
- 31.1% Kentucky
- 31.6% Michigan
- 32.2% Florida
- 32.8% Oklahoma
- 33.0% Arkansas
- 33.1% Alabama
- 33.5% Ohio
- 33.7% New Mexico
- 34.1% Louisiana
- 34.8% New York
- 35.1% Texas
- 36.6% Vermont
- 38.9% Mississippi
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
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