Lake Norman Real Estate and NC Homes for Sale

Keep in mind; bad news sells. The news media would never write a story about a boy scout helping a little old lady across the street, but have him hit her over the head and steal her purse and they'll be interviewing his kindergarten teacher, his neighbors, check with the state to see if he's ever received mental health treatment and bring in an endless parade of psychologists, legal experts, expert witnesses, law enforcement officials and Nancy Grace to provide unending coverage until your eyes glaze over and brain activity ceases.

First off, remember that sub-prime loans weren't all about having bad credit.  It was no-documentation loans, stated income loans and jumbo loans (over $417,000). If you can provide full documentation (can prove income), put at least 5% down and are under a $417,000 loan amount; NOTHING HAS CHANGED. Even if you have to do a stated income or no-documentation loan; they still exist. They just may require a higher credit score.

Secondly, and I had this conversation with my partner, Dave, last week. We aren't turning down many more loans than we would have six months or a year ago. Sure, there are those who are "on the bubble" around the 580-620 credit score that are more difficult to do now, but we have a tool we use in conjunction with our credit bureau that allows us to show a customer how to raise their score by 30-50 points within 30 days. The couple or individual needs to have a little cash to pay down some debt, but in many cases that tool allows us to act as if the "credit crunch" never happened.

Now, we did lose approximately 100 lenders nationally, (ouch!) but the big secret is that there are still several hundred national and regional lenders out there. Guess what? You only need one! They are still selling their products to Fannie Mae and the good news is that the rates are still low.