realtor.com - The world of mortgage lending has changed significantly since the housing bubble burst. Mortgage lenders have returned to traditional loan standards that require extensive documentation of income and assets for a loan approval.
Government regulatory agencies also continue to react to the housing crisis, with more adjustments to mortgage requirements set to go into effect in 2014: Qualified Mortgage Rules, The 3 Percent Rule, Self-Employed Borrowers, Potential Lower Loan Limits.
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For her contributions to the following transcript of a conversation this week, I need to thank Bonnie Martin, broker/owner of Heart of Montana Realty in downtown Bozeman, for giving us her honest best during this interview—no questions unanswered, full candor, no retractions.
TBM: We’ve heard a few rumors… but why don’t you paint a clear picture of Bozeman’s real estate market right now?
Bonnie: In the downtown area, it’s still very similar to 2006. A lot of people have discovered Bozeman as an ideal place to live. It’s the feel of that—the beauty, the college, great schools, mountains, and the walking distance, the simple lifestyle.
But what about the real estate market? I’m hearing it’s crazy-silly out there.
DS news.com - Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.