Bottom line: banks don't want to lend at this rate because they know rates will go up dramatically from here in the next few years... they will find any way possible to keep you from qualifying - even if you are the lowest possible credit risk in the world.
From Diane W.: That's for sure! Have you heard the latest though? Some homeowners, while their credit still looks good, are buying another house - usually down the street. Once settlement goes through they let the bank foreclose on the original house! Also did you catch the picketing in NY last week - they were demanding unemployment benefits be continued and be made better... Too many people w/o a work ethic! Latest I heard on Fannie Mae is if you have $1000.00 for a downpayment on a house and your credit score is at least 550 (I think that's what it was) the house is yours b/c the government can do it better! Lord HELP!
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