Monday, March 05, 2007

Freddie Mac to toughen mortgage standards

If you've had trouble paying your bills lately and want to buy a home, or recently bought one with an adjustable-rate mortgage, pay attention: Lenders are making it harder for people with weak credit histories to qualify for a home loan or refinance an existing one.

This could mean that if you're looking to refinance so that you can stop foreclosure on your home, you're going to find it more difficult than in the past.

To get an idea of what Freddie Mac's plans are, click here to read the article from the USA Today.

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