Mortgage solutions.. getting a loan in today’s tighter credit market
The idea, virtually an industry maxim not so very long ago, that there is a mortgage for every homebuyer’s circumstance or situation is now just a fond memory.  The reality in the current environment is that some would-be borrowers will be out of luck and for those for whom mortgages are available, the standards are now much tougher.  Understand, there is a still a mortgage solution for most circumstances and situations, but in many cases, fitting within the new boundaries being set by lenders will require more cash, higher incomes and better credit scores than in the recent past.   To give you an idea about where we are in the aftermath of a host of changes in mortgage metrics, here are some blog posts of typical situations and what can be expected in today’s market.

Who gets the increase? Much of California, which has some of the highest cost housing in America should now benefit from limits that are expected to be raised to the new max of $729,750.  Other projected increases are in the Washington, DC area—$600,487; NYC & Northern NJ—$595,125; Boston— $518,375; Seattle— $493,375; and Miami-West Palm Beach —$433,500.  Lenders were poised to implement the new special conforming limits once Fannie Mae and Freddie Mac gives the okay. These increases are presently scheduled to expire on December 31.