What is the biggest change you have seen in the lending environment in 2013?

Asked by Linda Heinrichs, Lake Oswego, OR Wed May 15, 2013

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Tom Inglesby’s answer
Tom Inglesby, Agent, Portland, OR
Wed May 15, 2013
The pre qualified letter is not worth anything today. If I was a buyer I would not consider making an offer on a house with out the full pre approval that has gone completely thru under writing. Many lenders are declining buyers just a few weeks before closing because after final review the bank does not want to make the loan and that is even to employees that want to buy a house. Great question, Tom Inglesby, RE/MAX
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Andrea Guest…, Agent, Portland, OR
Wed May 15, 2013
FHA has changed their lending guidelines. The mortgage insurance premium has increased quite drastically and is now for the life of the loan. They are also requiring higher credit score guidelines. This is going to make it more difficult for homebuyers who want to put down less money to qualify for higher priced homes.
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Actually, the life of loan guideline doesn't take effect until June 1st so you still have a couple of weeks to get into contract to avoid the life of loan clause. Also, FHA has not changed their credit score guidelines although that can vary lender to lender.
Flag Wed May 15, 2013
Jennifer Pet…, Agent, Portland, OR
Wed May 15, 2013
Appraisers are really bogged down trying to keep up, so lenders are not closing on time. We have had to extend many transactions due to appraisers taking several weeks to get to the property.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Wed May 15, 2013
More lenders have funds to loan but appraisers are still fighting the prices as they start to head up a bit in our area.
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