Credit Freeze? Not So Fast!

A lot of media out there is reporting that there is a mortgage or credit "freeze".  (See this story in the Cleveland Plain Dealer) As is usually the case, the media hysteria is based in truth, but isn't entirely true.  I met today with a mortgage representative.  His message was quite clear...you can STILL get a mortgage.  

Of course, mortgage companies are being MUCH more selective about risk and to whom they will lend money but that is a good thing!  We wouldn't be in this situation now if we had these standards in lending all along.  

If you are credit worthy (over 700 credit score) and can verify your assets and income you shouldn't have any trouble getting a loan.  

Fannie and Freddie are getting more and more restrictive but even people who no longer qualify for those programs may still qualify for FHA loans.  

If you want to buy, don't give up hope. All is not lost.  

BTW--the National Association of REALTORS reported today that the pending sales of home rose 7.4% in August.