The past few years it has been difficult for most indiviudals to get a mortgage.\u00a0 For the most part, mortgage modifications didn’t work, banks were not reducing principal, and any “government programs” were nothing but a crule joke.\u00a0\u00a0The inclement real estate weather appeared to be socked in for the long haul.\u00a0 Your credit score didn’t matter – all that mattered to any\u00a0lender was your income.\u00a0 I am sure I\u00a0don’t need to go into detail about what happened to most people’s income.<\/p>\n
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It appears that we may, after a long and harsh mortgage market, be encountering some long awaited thawing.\u00a0 I recently had a conversation wtih a branch manager from a regional bank regarding lending practices.\u00a0 She indicated that she had recently completed a $50,000 unsecured lne of credit to a professional individual who had two short sales on his record.\u00a0 She also indicated that the bank may possibly\u00a0do mortgages on spec homes.\u00a0 This, of couse, was not possible two years ago.<\/p>\n
So the next logical question that I asked was, “When do you think banks will start lending on vacant land?”\u00a0 Not surprising the answer that I received was, something to the effect of “not anytime soon”.<\/p>\n
So the mortgage market is decidely not completly thawed.\u00a0 But, clearly moving in the right direction.\u00a0 This summer has been long and hot.\u00a0 Lets hope it continues to work its majic on the mortgage business.<\/p>\n
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The past few years it has been difficult for most indiviudals to get a mortgage.\u00a0 For the most part, mortgage modifications didn’t work, banks were not reducing principal, and any “government programs” were nothing but a crule joke.\u00a0\u00a0The inclement real … Continue reading