Fiction: The sky is falling.
Fact: The sky is not falling but it is changing. The real estate market is experiencing a high rate of transaction fall out.
Fiction: There are no more 80/20 loans.
Fact: Yes there are, but higher credit scores are required.
Fiction: Stated income and no ratio loans no longer exist.
Fact: These products still exist, but 100% loans still available require higher credit scores.
Fiction: FHA and VA loans should be avoided.
Fact: These loans are more attractive that ever for customers with less than perfect credit.
Fiction: All loans have been impacted by the changes.
Fact: So far, conforming Fannie Mae, Freddie Mac and Government loans are in tact.
Fiction: Sub Prime loans are a thin of the past.
Fact: Sub prime loan products are being redefined in response to changes in the credit market.
Fiction: I can assume that my pre-approved buyer is all set to go and I am going to get a paycheck.
Fact: Life is good, but...you cannot make any assumptions in today's changing market.
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