Mortgage News: Leery lenders demand more from borrowers
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lenders, mortgage guidelines, Mortgage News March 21st, 2008Banks remain wary of home loans; lending standards as strict as they were 20 years ago
Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow _ even for those with good credit.
Mortgage insurers, whose backing is required for borrowers who can’t afford the traditional 20 percent down payment on a home, have already flagged nearly a quarter of the nation’s ZIP codes where they refuse to insure some home loans.
That encompasses a wide variety of neighborhoods: McMansions in Scottsdale, Ariz.; luxury Miami condos; 1960 ranch houses in Flint, Mich.; and early 20th century kit homes in Metuchen, N.J.
Tags: lenders, mortgage guidelines, Mortgage News
