I keep seeing in the news about the tighter loan standards, however no one is telling you what those new standards are. I thought I was prepared for a new home, but I wonder what they new standards are and if there will be any effect.
Does anyone know what the latest "loan standards" for prime mortgages are?
Lenders are all over the board. I talked to a bank last week and they said 620 for the best rate (no points). Yes, no kidding. Others say 680. I haven't heard anyone say 720 for the best rate.
But, I think alot of it depends on where you live, because some markets have taken a very bad beating, so some lenders may be shy about lending in certain geographical areas. But I don't think that there is one straight answer out there to give. It varies.
Sorry I can't be of more help. And sorry about the heart attack (850 score comment).