Is it going to get harder to get a home loan? with the government shutting down mortgage lender Indy Mac?

what going to happen to first time home buyers?

Update:

is this going to affect FHA loans as well

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  • 1 decade ago
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    I really don't think so, countywide go lucky with B of A taking them over, but now B of A has a whole bunch of bad debt on their books that they need to deal with, they may tighten their standards and be more picky about who they lend to. If the Fed bailed out bear stearns, there is no possible way they will let fannie and freddie fail, they are much bigger entities in the financial system and no lender has the capacity to help them out right now. In general, it is harder to get a loan, and rightfully so. Money was available and everybody got greedy, now it's time to pay the piper. Why give individuals false hope by forging docs and bolstering income, I'd much rather see someone not get approved than have them go through foreclosure or bankruptcy, to me it's morally wrong

    Source(s): mortgage broker
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  • 1 decade ago

    The loans are going to be full doc, there will be no more stated programs. the Selfemployed, can forget it.

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  • 1 decade ago

    might be for some but many my self included get letters asking to lend me money if you had good scores and ratios before you probably still do

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