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Lenders: Mortgages still available

Posted October 21, 2008

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— The national credit crisis has caused the perception that getting a mortgage is nearly impossible, but some lenders say the money is still there for people with good credit who want to buy a home.

North State Bank credit officer David Shipp said most banks still have the money and are continuing to lend to customers. Realtor Mary Ann Larson added that interest rates are “great” now.

“You will get a mortgage if you have a credit score that’s acceptable,”  Larson said.

The rules for getting a mortgage have gotten tighter, so it may take more to qualify, Shipp warned.

The Triangle housing market has a record number of homes – more than 14,000 – on the market now, Larson said.

Larson said people just haven’t been purchasing homes.

“I think people are just afraid right now. The economy is scary. We’re in an election year. There’s just a lot of bad stuff out there that people are reading,” Larson said.

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  • childofNC Oct 22, 2008

    IraqMedic -- Now that most of us were screwed by the banks the first time with an adjustable APR, who cannot make these balloon payments on time cant get out of this cycle that was created by the lenders anyway!!!!

    Not most. They qualified me for a loan ($150,000) I knew I couldn't afford using an ARM. I walked away. It didn't sound right and I don't like surprises. I shopped around and found a loan at a fixed rate I could afford. ($112,000 at 5.25%) I like stability and predictability. I don't as much house but I also don't have as much stress and sleepless nights. It was offered but everyone has the right to walk away and not buy into it. Those that bit are now getting bit; those that didn't are still paying for the mistakes of others and THAT's what's not fair.

  • johnsledz02 Oct 22, 2008

    I'm sure Obama will help all of his Obamanites get loans when he screws with everyones taxes. This will continue to happen with the free spending Democrats and especially with Pelosi, Harry Reid, Dodd and Barney Frank.

  • Outside the Beltline Oct 22, 2008

    Unfortunately, in my neighborhood too many people have sold during this downturn, driving our housing values down. It would be nice to refinance, but my former neighbors have made that impossible by driving me and most of the other people in my neighborhood "underwater" on our mortgages.

  • kitcat718 is a college student Oct 22, 2008

    I believe this will continue to be a big issue. Most of these folks qualified before b/c they did have a steady life. Times have forced us into unsteady territory. There are so many lay offs and no one can find a job. So their mortgages to into default and credit is ruined. I have been through this myself. You try to keep up but it is hard when you go from a 40k job to waitressing. Don't necessarily fault the people. I hope to find a refi loan soon but it will be difficult. Lenders lure you into a false sense of security with these loans and then you get broadsided when something bad happens. It just sucks all around!

  • intuit Oct 22, 2008

    now is a great time to get a low rate on a mortgage or refinance for a lower rate. Be smart about buying a home- don't get something you know you can't afford and quit trying to impress your friends/neighbors with a bigger is better attitude. That kind of thinking will only get you in trouble. Live a modest, below your means lifestyle and you should be fine. Additionally, only pay cash for anything you can buy and throw the credit cards away!

  • dacoty Oct 21, 2008

    720 plus credit score and 10% down..... will get you a 10% loan!

  • IraqMedic Oct 21, 2008

    Great! Now that most of us were screwed by the banks the first time with an adjustable APR, who cannot make these balloon payments on time cant get out of this cycle that was created by the lenders anyway!!!! So they get us qualified for a loan the first time by "making the numbers look good" and now we are in jeopardy of losing our homes because of adjustable rates, they wont put a cap on it. The nerve of that banker stating that there is money for those who qualify. Um hello! you found a way to make us qualified in the past, but now there is a problem??? hmmmmm

  • dfmlythr Oct 21, 2008

    720 plus credit score and 10% down.....

  • jointheir Oct 21, 2008

    the loans may be available but as annotated most do not have 20% for a down payment. As well the market has more houses for sale versus the demand. Also so many foreclosures, much more affordable if you do have the credit and 20% available to buy a foreclosure and live debt free..

  • ncguy71 Oct 21, 2008

    I guess those sub-prime loans are no longer available.....

    That's the way it should be.

    Home ownership is not a right.

    Home ownership should be for those who have worked hard and can afford it.

    People that make $20,000 have no business buying a $300,000 home. They are better off renting.

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