Many lenders are tightening the standards on subprime loans and other nontraditional mortgage loans (such as 40 and 50 year mortgages). Thanks to the subprime crash a couple of months  ago, many lenders are wary of extending to much credit to some, and wary of extending any credit at all to others. The good news, though, is that most of these changes are affecting only subprime loans. Inman News reports that standard, traditional mortgage loans remain the same:

A "large majority" of lenders surveyed said
standards on prime residential mortgages had remained basically
unchanged over the past three months, with 15 percent reporting
"somewhat tighter" standards.

If you have fairly good credit, chances are that it won’t be any harder to get a home loan now than it was in the past. But if your credit is poorer, you might have difficulty securing a home loan.

Tags: home loan, personal finance, financial planning, finances,
financial goals, mortgage loans, nontraditional mortgage loans, subprime loans