Lending standards for mortgages are tougher than ever, after the mortgage meltdown that led to the current mess the housing market is in.
The Federal Financial Institutions Examinations Council said roughly 1 in 4 mortgage applicants was denied in 2010. However, the US Department of Housing and Urban Development says there is money to lend.
Here are some of the questions that were asked during this interview during the Money Smart Segment, on the internationally broadcasted, Balitang America Prime Time News on The Filipino Channel:
1. What are some of the basic criteria in getting a mortgage?
2. What if you have so-so-credit...how do you increase your odds in getting a loan in today's economy?
3. BONUS - Video question from viewer in Virginia Beach, VA - Is it good to get a life insurance policy for my kids, 10 and 12 years old?
Lastly, announcement of a free, personal finance Money Smart Workshop in San Francisco! I'll be there Tuesday, August 16th, 2011 from 7-9pm.
Plus, the first 50 people that register and show up get a free Money Smart personal finance CD (valued $49)!!
South San Francisco Conference Center
255 South Airport Boulevard
South San Francisco, California 94080-6703