Foothill Ranch Blog

Whew what a day on the lending topic! In a meeting this morning at RE/MAX our in house lender spoke about the new rules that are making it harder to get a loan. By harder I mean it is now a longer process. We were advised to allow for 45 days to close an escrow. I won’t go into the rules here the list is too long for a quick post. At noon I heard a newscast about Barney Frank’s efforts to ease the lending guidelines for condos. So, in the short term it is tough to get a loan on a condo but the policy makers in Washington are kicking around the idea of relaxing the rules. See the article.
http://www.examiner.com/x-5187-Moving-and-Relocation-Examiner~y2009m6d22-New-Fannie-Mae-mortgage-lending-guidelines-discourage-relocation