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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St Louis Finance News: Possible FHA Policy Changes On The Horizon [News Hot Line: 314-334-0210 | Floyd Tapia]

There has been talk that the Federal Housing Administration (FHA) would be making key changes to their lending policy in order to boost their capital reserves.

Under the changes, borrowers and mortgage professionals will see three major policy changes and will have to adapt their procedures to the new FHA.

1.  New borrowers who will be seeking FHA-insured loans will now need a minimum FICO score of 580 to qualify for FHA’s 3.5 percent down payment program.

2.  New borrowers with credit scores between 500 and 580 will be required to provide a 10 percent down payment.

3.  And for those borrowers with credit scores below 500, they will no longer qualify for FHA-insured loans.

A notice published by the United States Department of Housing and Urban Development (HUD) is seeking public comment on these measures, which are designed to reduce financial risk and preserve affordable mortgage financing.

Therefore, HUD will be accepting public comments for approximately 30 days on those proposed changes.

FHA commissioner David Stevens recently said in a press release that “these are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation’s housing recovery.”

I imagine this negates the once perceived notion that everyone had the right to own a house.

The new FHA will be shifting this ideology to the new thinking regime which clearly promotes lending to those who can prove beyond the shadow of a doubt that they can actually afford the monthly payments thus lowering the possibility of the homeowner entering foreclosure.

Again… we shall see.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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