I have a good friend who works for Countrywide in the mortgage app department. She told me the rules and processes have changed. It is more difficult for certain applications to be approved. There are more "things" she has to check.
She's seeing more FHA loans. These loan apps are simpler to complete so she's reviewing more of them. Lots of extra hours each week.
To me this shows a clamp down - hopefully to help folks from getting in way over their heads buying a home.
I'm old enough to remember saving 20% before looking for a house. We knew by the $ we had to put down what our house had to cost. Nothing creative about those days, just simple math.
'til later
She's seeing more FHA loans. These loan apps are simpler to complete so she's reviewing more of them. Lots of extra hours each week.
To me this shows a clamp down - hopefully to help folks from getting in way over their heads buying a home.
I'm old enough to remember saving 20% before looking for a house. We knew by the $ we had to put down what our house had to cost. Nothing creative about those days, just simple math.
'til later
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