Loan guidelines are being updated daily. If you have been planning on buying a home and are stretching the limits of your ability to pay your mortgage then I want to warn people that a loan they were qualified for yesterday may not be available to them today. I have received numerous loan guideline updates in the past few weeks. This week I received several updates from the same lender that just updated guidelines early this week. That is how fast things are changing in this market right now. So, if it sounds too good to be true then it probably is – and if you’re smiling today because you just landed yourself an exotic mortgage with a very low monthly payment you need to tread carefully. See this story below:
Credit Crackdown Shutting Out Home Buyers: “Even before Goodman Griffin and his girlfriend began house-hunting a month ago, they sat down with a mortgage broker and were pre-qualified for the nontraditional loan they needed to purchase the kind of home they wanted.
So it came as a shock when the loan they thought they had was yanked away from them this week just as the seller accepted their contract on a four-bedroom, $300,000 house.”