I believe mortgage lenders have reached a critical stage and are no longer a viable option for buyers looking to secure mortgages for a new purchase. While people with massive down payments and outstanding credit scores may be able to get loans after jumping through 100 hoops, the general public is finding it almost to impossible to obtain financing for a home.
Underwriters are looking for ways to deny financing in fear of a future foreclosure. Normally strong candidates are scrutinized and rejected.
So what will become of these lenders who won't give loans? Wells Fargo Lawn & Care?????
If the lending continues to tighten, housing prices will continue to decline, more foreclosures will happen, and renting a property will be the new American way of life.
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