Mortgage home loan answers
Learn about mortgage home loans and rates.
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When did congress reduce the criteria to obtain a federally guaranteed mortgage?
Posted on October 9th, 2009 3 comments
chck asked:
For example: Home loan borrowers may not be required to show their ability to repay the loan, their credit history may be poor and they may not have to prove they have sufficient income to repay the mortgage loan.
CLAYTON3 responses to “When did congress reduce the criteria to obtain a federally guaranteed mortgage?”
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Who said they reduced it? If anything they’ve increased the requirement, in particular credit and income requirements.
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loan criteria is constantly in flux. From day to day everything changes. Right now it is actually tighter than it was a few weeks ago. Two years ago it was about how you are describing it.
Two years from now it will be very different in some other way.
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Landlord October 16th, 2009 at 13:50
It was back in the late 90’s. It was a Democratic plan to get the “poor and underprivileged” into home ownership.
It may have worked too, except the “poor” decided that a home was not enough, they must live in a mini-mansion.
Couple this with the middle class objecting to the lower class moving in next door and they too bought homes they could not afford in an effort to keep their children away from the drugs and gang bangers that suddenly invaded the middle class neighborhoods.
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Anjell October 11th, 2009 at 01:33