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Originally Posted by MODE ROGUE
Florida is more “the norm” because home sales and lending trends in this state are consistent with what is happening throughout the country. Hence…. the lending/real estate crisis.
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I'm telling you, Florida (particularly Miami) is the EXTREME. Indiana is far more in the middle than Florida. We are experiencing the crisis as well.
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Originally Posted by MODE ROGUE
uhmmm…. He said the days of NO MONEY DOWN are gone. He is correct. He did not say 95% conventional loans are gone.
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Maybe I need to bold it for you.
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Originally Posted by Nietzsche13
What the banks are doing is raising the down payment requirement. The days of no money down are gone forever. You will need 20% for now on plus great credit.
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Quote:
Originally Posted by MODE ROGUE
Let me try this one more time. The issue is not whether or not 95% conventional loans are taking place or higher down payment requirements are coming up. Everyone is aware of BOTH. The issue is how many people are actually being approved for loans, period. ANY loans. Lending guidelines have tightened up everywhere. Anyone who denies that is living in cave or simply has no idea of what’s going on in the lending industry. Therefore, understanding that lending guidelines have become much stricter obviously translates to understanding that the # of loans being processed is in a significant downward spiral.
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Again, I've given specific examples of people that shouldn't be approved for loans that are. Lending guidelines have tightened up, but they aren't nearly as tight as everyone is making it out to be. I can pull files and give credit scores tomorrow. I believe it will get tighter in the next few months though.
You can argue and speculate all you want, but I am giving you FACTS. I can pull files from national banks who are still lending.