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Bank of America further tightens lending requirements

Tue Mar 11, 2008 10:03PM | By Tony

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Bank of America has just announced that as of March 1, it offers Stated loans to self employed borrowers only. W2 wage earners are no longer eligible. What it means is that if you are W2 computer programmer or W2 attorney making $100,000 a year, you will have to show your pay stubs, bank statements and W2. And if you need $120,000 to qualify for your new mortgage, ... well, tough luck, but you won't. $20,000 is not a big stretch by any means, and before a huge number of borrowers did just that - a bit of exaggeration of their incomes took them a long way, and housing prices as well, on the way up, that was. Now it is over. It will diminish the purchasing power of many potential home buyers, further depressing home prices. And with Bank of America buying Countrywide, the latter will follow practically immediately as will everyone else. As far as for self employed, the qualifying process has gotten quite difficult as well. All the recent changes bode very bad for housing markets, but of course we know, that it was 'home loans for everyone' lending policy that got us in this mess on the first place. But it was good, while it lasted, was that not?

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