Other roadblocks currently make it hard to close on a loan, such as lenders being unable to verify employment or income because the would-be borrower’s employer is closed., as well, such as lenders being unable to verify employment or income because the would-be borrower’s employer is closed or otherwise unreachable, municipal offices being shuttered and appraisers barred by social distancing protocols from visiting homes in person.
“We’re hearing that lenders are tightening up their standards or putting overlays on mortgages they're willing to fund,” said Barry Zigas, senior fellow and housing expert at the Consumer Federation of America. “Right now, there's more demand than supply for new mortgage originations. Almost 95 percent of this is coming from refinancing on existing homes, especially in the last month or so,” Leon said. “If you look at the largest banks, up until this past week or so, they've been very, very active on refinancing.”
“Borrowers who have less cash to put down and weaker credit scores are, statistically speaking, viewed as having an elevated risk of delinquency,” he said.
And it begins.
That's how LOW interest rates help!
Call or write your Congressmen. If you can afford to pay rent, you deserve to be able to buy a house.
Because the banks are flooded with SBA loans. SavedYouAClick
2008 wont compare to what is going to happen in the housing market now. Hang on.
The banks know you're broke AF. And they haven't seen you get a paycheck in weeks.
I’ll sum it up. It’s because the rich want to stay rich regardless of your BS ‘American Dream’. That’s only because the gov’t is watching, because you know lenders have no problem giving you a home with 5% down, with crappy credit knowing you’re going to foreclose. But gov’t 👁
Why did the bank give me all 10's on a $500 cash withdrawal. No money!
It should be a bit tougher buuuut fed will have to eventually step in to ensure a bigger burst of housing market doesn't occur.
Gee, could it be because people don't have jobs? 🤔
Because corporate media like comcast (nbc) doesn’t report the news that’s necessary for the majority of Americans understand that the ultra wealthy is gobbling up property to make everyone rent instead of buy for more control of population & to exponentially increase their wealth
So people will end up homeless.
Covid-19? Maybe? 🤔
Probably should've been doing this all along. Why should anybody be lent money who's proven that can't handle it in the first place?
Did NBC buy TheOnion?
Come on guys If you cannot be at the bank, how would you get a mortgage?
covid-19 ☹️