Are we seen any mortgage standars easing?

  • February 18 2014 - Chino
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Answers (6)

Profile picture for New American Funding
I think we are seeing clearer and more defined rules such as the ability to repay.

Debt Ratios will be based on programs as well as overlays that a lender may or may not have...

For example - you may have a 55% D/R on a HARP loan and a lender would be able to offer this type of loan.

I think we are starting to see more products come back into play such as a first and a second combo to avoid MI.....
  • February 19 2014
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Not with mainstream programs - conforming conventional - particularly.  Virtually impossible to get a DU approval above 45% DTI, which is change from year or so ago where 49.9% was possible.
I see a lot of lenders on this forum touting what "out of the box/creative financing" they can do, but this would not be thru normal lending channels; and may have many "gotcha's".  It is almost like a new "cottage industry" of lenders are coming into the market, and it is back to "not everything that glitters is gold" - and "buyers beware"
  • February 19 2014
  • 2Yes

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It really depends on what you mean by "mortgage standards." There are many different loan programs currently available, some with more flexibility than others. I don't believe much has really changed today as compared to the past few years, which is really just needing to see what you qualify for based on the documentation and information you are able to provide.
  • February 18 2014
  • 0Yes

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Profile picture for CA Direct Lending
Well, in the jumbo market if you consider that there are asset-depletion loans available, less than 20% down available, the emergence of lenders willing do to 2nd mortgages, non-warrantable condos, use rental income with no prior history and no equity requirement on departing residences, I say, yes.  I am seeing at least a few standards easing since the mortgage meltdown in 2007. 
  • February 18 2014
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Reading this question is like trying to decipher one of those paragraphs where there are no vowels but you can still read it and understand what the words are.

No.
  • February 18 2014
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In my opinion no, but they haven't gotten worse either.
  • February 18 2014
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