The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Les H	12/28/2009 9:37:15 AM
	Read Replies (2) of 306849

Believe it or not, up until earlier this month, FHA, Freddie Mac and Fannie Mae had been granting loan approvals to borrowers who were spending 55 to 65 percent of their gross income on their house payments. Not anymore. Borrowers are now restricted to spending no more than 45 percent of their income on their house payment or up to 50 percent with compensating factors like lots of cash in reserve or large down payments. Mortgage industry guideline changes for 2010 santacruzsentinel.com

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