Posted on 04/12/2020 6:42:48 AM PDT by BusterDog
From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.
(Excerpt) Read more at cnbc.com ...
I am with you on this one. I’ll never shed a tear for the banker, though they have an important role in a market economy. Unfortunately, they need to be put in their place which they have escaped from quite a while ago.
I’m in the middle/tail end of a refi with a well known bank that I have been a loyal customer and mortgagee of for 30 years or so. Never missed a payment. Refi’d multiple times in the past with no problems. Credit score impeccable. My wife and I are financially secure. Without going into detail the process has been the most obnoxious and insulting experience I have ever endured. It is yet to be decided whether we get the refi and I am so pissed I’m liable to tell them to shove it one way or another.
will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.
As far as I know this has been the case for many years now.
I have a Jeep credit card through First National Bank of Omaha. They offered suspension of April and May payments without penalty at the customer's request with the caveat that interest would still accrue on any outstanding balance.
My point was that its a myth you used to have to put 20% down to purchase a home. millions of Americans bought homes with low or no down payments through FHA and VA. Higher LTV’s carry higher risk hence PMI requirements. Thats just part of the deal.
Every one who ever created, charged, advocated or agreed to the PMI scam should rot in hell!
Because it is logical and sound business practice........the democrats will attack the decision as racist, mean spirited and unfairly targets the poor. Gosh they will no doubt demand the same practices that lead to the housing market meltdown in the past. Democrats don't give a damn about what happens to poor people when they can't make their payments and lose their homes as long as in the short term they can buy peoples votes.
True, but most people are ignorant of economics. You know what causes shortages and hoarding? Price gouging laws do. Prices are just a signal of value and the only way to balance supply and demand in times of scarcity. If prices were allowed to increase in times of shortage, then people would not hoard as much, demand would decrease, and supply would catch up. Instead, self-righteous politicians make the situation worse with price gouging laws rather than letting the market work its magic and improving the situation much faster.
I am refinancing my VA loan going from 4.375 to 3.125. I began it just before all the Corona hooplah. Still waiting for it to close.
Oh, and since we just bought the place last May, we needed no documents. Easiest loan I ever made, so long as it still goes through on their end. They were completely slammed in January/February when rates dropped.
I acknowledged and supported your position by my own experience about 30 years ago, closer in time to the other poster.
I also made the point for the other FPer that California may have had different lending standards (30 years ago) at the time of his mortgage.
I was a mortgage loan underwriter for several large national lenders. I underwrote FHA, Va and conventional loans. California had weird closings but their loan programs were pretty much the same as everywhere else.
Apparently you have above average experience/expertise in this area to which I shall defer.
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