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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Losses force lenders to tighten up on easy home loans
The easy flow of home loans to borrowers with spotty credit is becoming a memory, as these mortgages become far harder to come by. Growing losses on risky home mortgages have forced an abrupt about-face for lenders that make what are commonly known as subprime loans. Those in the business say this will make it harder for some and impossible for others to borrow in Houston. More than one-third of all the mortgage loans made last year in this area were considered subprime, according to SMR Research. Borrowers fall into this category for reasons including low incomes, blots on their credit records or limited credit histories. Interest rates on these mortgages are higher than ones where the borrower has strong credit. It used to be that "if you breathe and have a Social Security number ... you were going to get a house," said Mark Cady, executive vice president for Market Street Mortgage. Lenders are now starting to require borrowers to have higher credit scores and to put more money down to qualify for a home loan. Experts say those who don't have cash for a down payment will find it harder to get 100 percent financing. David Starke has experienced the change firsthand. With a credit score below 620 and a recent history of unemployment, he needed a 100 percent financed subprime loan to be able to buy a home. To locate the perfect home or condominum, Boca Raton FL Presidential Place offers a three-tiered building home to 42 condominium units that are simply sensational. Caesar Parisi is available to help you be an informed home buyer or home seller in today's changing Boca Raton FL real estate market. click here for article |
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