Mortgages and the current situation

[Anonymous]

I have been working for over 4 years to restore my credit and save for a down payment that I would FINALLY be able to purchase a home.  I am finally within a few points of middle score being good enough to qualify for the conventional loan I need and have a down payment squared away - and now the economy seeming to be in a tailspin and the current national emergency - I am panicking that it will be 2008 all over again (incidently when I NEARLY bought a house because mortgages had been so easy to get but waited as i knew i was not in a position yet to do so responsibly and then lending came to a halt)  and that they will change the goal posts on me so to speak and i will suddenly be left not quite making it again   So ... how worried should those of us trying to buy be?  

[NC_Mtg_Loaner]

I don't really think there is much to worry about.   Sure, there's a wee-bit of a slowdown/recession coming, but if you are saving for down payment and boosting credit scores you are certainly on the right track.

Keep up the good work and keep the blinders on!

[Anonymous]

Thanks.  Its just that it took four years to get from a mortgage score of 570 to 620 - and i worry if they bump that score needed it will be years again :    Trying to not think about it as we have worked so hard to get here. 

[mikesonthemend]

Unlike 2007-2009, this is not a banking/mortgage crisis. This is a shortage of USD crisis, specifically off-shore, or Euro-Dollars. This will harm the domestic shadow banking system, and may cause lasting harm to the overall economomy if it persists. If you can lock down financing today, even if not at the best rate you seek, you probably should.