PARAMOUNT MORTGAGE - LENDER'S BLOG

January 16th, 2008 5:23 PM

ByJonathan Diamond, Special to TheStreet.com

While each day seems to bring more bad housing-related news, there is still money available at reasonable rates to finance the purchase of a home or refinance the loan on an existing home -- for the right borrowers.

Rather than exiting the market, lenders have simply retooled their guidelines, turning their backs on riskier lending as they actively court qualified buyers.

"Banks still need to make loans if they want to make money," said Steve Maizes, chief executive officer of the California office of Olympia West Mortgage. The key is in the creditworthiness of the borrower.

"If you can prove income and have good credit, there should be no problem for you," said Bob Barron, a mortgage planner in the Solana Beach, Calif., office of Mortgage Loan Specialists Inc. "We're just going back to sane underwriting. Prove that you make the money to qualify for the house and pay your bills on time, and you will qualify for the loan. "

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Posted by Customer Service on January 16th, 2008 5:23 PMPost a Comment (0)

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