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Things get worse for mortgage seekers

Thu Apr 10, 2008 12:04AM | By Tony

See more in Economy | Permalink | Email | Comments (0)

Yesterday Washington Mutual announced that it exits wholesale mortgage business following Bank of America which did it a while back. Basically, a potential borrower can now only get the loan from Washington Mutual applying directly, which mean he or she must meet much stricter conditions and higher requirements to qualify. One by one, lenders stop offering Stated Income/Stated Assets programs that allow no income nor asset verification, with many smaller local banks following the large ones. And many banks don't want to loan amounts exceeding conforming limit of $417,000, which are bought from lenders by Fannie Mae and Freddie Mac. To get a mortgage over $950,000 is very difficult. What's next? Who knows but won't get better any time soon. Look for the number of unsold homes to increase drastically in the coming months.

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