Home loans hard to get – WDRB 41 Louisville – News, Weather, Sports Community

Home loans hard to get – WDRB 41 Louisville – News, Weather, Sports Community.


Louisville, KY (WDRB News) — Interest rates for home buyers remain low. But only highly qualified borrowers are applying for such financing.

Banks have plenty of money to lend, but government restrictions are so tight that they may be  keeping people away who might qualify for a mortgage.

One reason — the home building industry has had such a difficult time bouncing back is that while interest rates are low, too many consumers no longer meet the qualifications to get a mortgage.

“It is far too difficult to get a loan,” says Tara Brinkmoeller of the Home Builders Association of Louisville.

According to the Federal Reserve, about 25 percent of the people who apply for a home loan these days are turned down.

“Three, four, or five years ago everybody could get a loan,” says the president of Republic Bank Scott Trager. “They did not have to have any documentation and that was a farce, now that crisis has forced the pendulum to go the other way and now it is too tight.”

On most loans, banks today want 20 percent down.  Trager believes the tighter restrictions by federal regulators to discourage risky lending are discouraging some people from even applying who might actually meet the higher qualifications.

“There are a lot of programs we have, that the government has, so why not try?” asks Trager.

Trager agrees that the loan process can be intimidating. His best advice is that consumers should be prepared.  He advises, “Make sure you have your pay stubs, your tax returns, your credit cards, your debts, the balances and who they are, account numbers, and all of the information on your income.”

Trager is looking forward to the day the credit markets will loosen up a bit.  “I am hoping that by the end of 2012,” he says, “or the beginning of 2013, that we will see the requirements reduced and loosened up.”

Trager says his bank is developing an online site where consumers could apply for home loans in an effort to take some of the hassle out of the mortgage application process.

Copyright 2012 WDRB News.  All Rights Reserved.


Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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