“But, I will never qualify for a mortgage!” I hear this all the time when talking to people who do not own homes. They are paying rent in an apartment they hate or living in a house that is someone else’s home, paying their mortgage.
They would love to have their own walls, yard, space, but they think it is impossible. Now, sub prime lender blow ups and talk of housing bubble bursts are popping more than just economics – it is popping dreams.
To this I say in the words of Flor, “Just try it on!” There are tons of mortgages still being approved. In fact, the stricter rules will be better for the consumer in the long run. Tightening the rules keeps a handle on the interest rates. It also helps home buyers from falling into the all too often trap of buying more house than they can afford.