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Anita Luo

Are you still qualified?

Due to sub-prime crisis and the wall-street meltdown, banks are tighten their lending requirements.  All mortgages has to be applied with stated income, which means those no-income/no-assets loans are history.  I have seen 2 deals fell thru recently since the buyer didn't show enough income to support the loan amount even they could put 30-50% down-payment.  For condos, it's even worse.  Most banks requires the building has minimum 51% sold(or In contract).  Check related article below;

So, if your tax return shows less than $30k per year, check with the bank before you start looking to make sure that you are still qualified.  You may not approved for the FHA loan limit!

Published Monday, November 10, 2008 10:03 PM by Anita Zheyu Luo

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