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10 Ways New Regulations Make Buying a Home Harder

The subprime mortgage crisis is history for most Americans, and in its wake federal regulators have implemented rules to try and avoid a repeat of the housing meltdown. Since then, both the economy and housing market have stabilized, yet regulations remain highly restrictive, contributing to some serious hassle for homebuyers who need to take a mortgage.

24/7 Wall St. discussed current regulations and conditions with housing market experts. We also reviewed various related data — including delinquency rates, income growth, debt-to-income ratios, and home prices — to identify 10 ways in which buying a house in America today is more cumbersome than it was before the crisis.

The mortgage process used to be easier, more accessible, and less expensive. In an interview with 24/7 Wall St., Michael Fratantoni, chief economist at real estate finance industry advocate Mortgage Bankers Association, said, “[T]he dollars it costs to originate a loan are much higher. They’ve essentially doubled in the past decade.

How the Equifax hack affects homebuyers and how you can protect yourself

 

Potential fallout for homebuyers

“Take this scenario: Say your Equifax file was looted but you’ve done little or nothing to detect fraudulent activity on one or more of your credit accounts. You sign a contract to buy a house, and you apply for a mortgage. The lender pulls your credit and confronts you with shocking news: Your FICO credit score is too low for you to qualify for the loan because you’ve been running up too much debt on one or more accounts. Your ‘utilization ratio’ on your available credit is too high, and that has depressed your score,” said the Washington Post. “Or there’s a newly established account in your files that has put you deep in debt, even though you had nothing to do with it. It turns out that financial thieves have been racking up thousands of dollars in debts at your expense, and now – smack in the middle of a major lifetime investment – you’re stuck with having to get the file corrected, which takes time and can be a pain. In the meantime, what happens to your purchase contract? Will the sellers bear with you, essentially putting off the transaction indefinitely and possibly blowing up their own plans to move into another house on a specific date? It could all get really messy.”

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My sister, who has a 3 year old daughter. She lost her job due to the economy and now she is forced to work a crappy job at a go-kart track/arcade.


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