Louisville Kentucky Home Loans 2012


Louisville Kentucky Home Loans 2012

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.

Advertisements

10 thoughts on “Louisville Kentucky Home Loans 2012

  1. Pingback: Kentucky Home Buyer & Homeowner Mortgage Guide « Kentucky First Time Home Buyer Mortgage Loan

  2. Pingback: HARP 2.0 for Louisville Kentucky Mortgage Refinances 2012 « Kentucky First Time Home Buyer Mortgage Loan

  3. ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 Dollars, Euro and Pounds.

    We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.

    Available now

    MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE

    AND MORE

    Apply for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly installment payments.

    robertinc.linzer@gmail.com
    Regards
    Gary Cole.

  4. I would like to thank you for the efforts you have put
    in penning this website. I am hoping to check out the same high-grade content from you
    later on as well. In fact, your creative writing abilities has inspired me to get
    my very own website now 😉

  5. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I
    get four emails with the same comment. Is there any way you can remove people from that
    service? Many thanks!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s