Lenders Tight Fisted With The Money

After many of the big lenders were given bail out money to keep them from failing so that there would be good supply of money to lend, many lenders are tightening up their rules even further.

Sometimes it's like pulling teeth to get a loan.

And don't even bring up anything over $580,000 if there isn't 20-30% down. There is no private mortgage market for loan amounts over $580,000 - so buyers who want to put down 10-15% and have fantastic credit, still can't get a loan.

The first time home buyers are taking the banks foreclosures and short sales off their hands - but this doesn't produce move up buyers.

So, the banks are taken care of, but what about the rest of the public? Where's help for the good credit risks who don't want to pillage their IRA's to make the down 25% instead of 10% - but can afford the payments with the 10% down?

Anna Boyd - Re/Max Gold
El Dorado, Placer, Sacramento
Ph: 916-813-3534
Lic. # 01043604
anna@annaboyd.com