St Louis Mortgage and Real Estate News –
St Louis Mortgage Broker and Loan Reduction News: Mortgages Are Harder To Get
St Louis Home Mortgage and Commercial Loans | Principal Loan Reduction | 877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Financing
Mortgage lending companies and banks are becoming reluctant to make loans without the Fannie Mae and Freddie Mac guarantee.
This is another set back for the mortgage and housing industry as loans backed by them account for just about every mortgage written these days.
In 2009, the agencies lifted the minimum FICO credit score that borrowers must have from 580 to 620. Although some felt this was bad business especially in this down economy, it probably was for the best.
But they didn’t stop there. They’ve pushed through a host of other requirements as well, and that means real estate deals are not getting done, even for some relatively low-risk borrowers.
“You can have one Fannie or Freddie guideline you violate and that gets you rejected,” said Alan Rosenbaum of GuardHill Financial.
According to the Federal Reserve, approximately twenty five percent of all mortgage loan applicants get denied.
Then you have the situation which causes many other potential homebuyers to not even try to get loans, said Jerry Howard, president of the National Association of Home Builders.
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