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Getting a home loan just got harderWith the news full of stories about the collapse of lenders that sell mortgages to people with less-than-perfect credit, the survivors are clamping down, leaving first-time homebuyers to wonder, "Will I still be able to buy a house?" People with loans nearing the end of low-interest introductory periods are asking themselves, "Can I qualify for a refinance I can afford?"The short answer, of course, is that it depends. "The prime people will still be able to get loans. You'll just have to have a down payment, documentation and a higher credit rating, (although) I think there will be even some tightening in the prime," says Christopher Cagan, director of research and analytics for First American Real Estate Solutions in Santa Ana, Calif. "It's the marginal people going for the subprime, low-doc loans who'll feel the change," he says. "They're going to be asked, 'Where's your documentation? Let me check that appraisal. What's your income?' " click here for complete article Property owners needing to sell their home, condo or building lot visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about their personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |