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End Of The 30yr Mortgage
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With the accounting irregularities (theft) coming to light combined with the high numbers of foreclosure’s since the financial crisis hit ,it looks like we could be looking at the End Of The 30yr Mortgage. There has been talk from the administration that it may be time to overhaul Freddy and Fannie and make it more difficult to qualify for a federally guaranteed loan.

There is talk of raising the credit score requirement which now sits at about 580 and raising the income requirements which when happens will all but make the 30yr mortgage possibly a thing of the past. We could be returning to the days of 40% down and a 10yr interest only loan which would have to be refinanced before the end of the term. We really could see the end of the 30yr mortgage if that starts to happen.

But hold on to your hopes of one day being able to afford your own home because of the current way Fannie and Freddy are set up. The real possibility of this happening within the next 4-5yrs or possibly longer is a very good bet as we can look forward to many years of debates, accusations, supposedly revelations, and then some questionable policy at best that if passed will be another 6-7 yrs. being implemented.

Anyway the way the banks have it set up right now, you don’t have a snowball’s chance in hades of even getting a loan with a credit score of 580.There are applicants with credit scores of 700 and above that after many months of scrutiny by underwriters are still being turned down. There was the story of one New York couple that threw a party so relieved after the many months of frustrating and sometimes pointless digging by underwriters into their financial affairs that resulted in them being turned down for a home loan. Where it was once so easy to get a home loan a cave man could qualify are long gone.

Like the fat guy that spends most of his time after work sitting on the couch watching television and eating burgers and chili dogs. Hey you know that guy that long ago lost the ability to look down and see his toes when he stands because of the obstruction of his belly. Now he knows that he needs to lose weight and that this is not healthy and that he needs to institute an exercise regimen .But the thought of doing some treadmill time and lifting those heavy weight almost makes him break out in a sweat as he sits there passing gas into the cushions on the couch. He decides that he needs to build his strength for this endeavor so he goes and makes a big bowl of chips and dip and lies to himself that he will start when he finishes his energy booster. http://thinkingweightloss.info

If we are looking to change the way that middle class Americans qualify for a Fannie or Fannie loan we need to realistically look at what is really going wrong with the system. I believe we will find that the majority of it has to do with the abuses and some say outright theft that has happened at these agencies from those that ran them .So maybe the end of the 30yr mortgage isn’t a sure thing after all.


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