Subprime mortgage rules getting tighter.

It’s going to be harder and harder to get a mortgage if you have a low credit score, no down payment and the monthly bill will be a high percentage of your income. With so-called “subprime” mortgages heading into foreclosure at record rates, mortagors are quickly tightening up their underwriting rules.

Also, “Freddie Mac” the quasi-governmental organization that insures these mortages, has announced that it will no longer insure variable interest mortages where the payments could grow too high as interest rates go up.

Everything is going to be a little more difficult in the mortgage market for the foreseeable future.

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