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Navigating today’s mortgage market

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(This is Part 1 of a two-part series. Read Part 2, "Avoid these real estate deal killers.") You have a buyer purchasing a high-quality new home with 20 percent down, excellent credit and fully documented income, including two years of documented tax returns -- it's a no-brainer on getting loan approval. If you think that's statement is true, think again. Today's lending environment is rapidly evolving from one where almost anyone could obtain a loan to one where even the most qualified borrowers may be sweating about obtaining loan approval. The "good old days" of taking orders are dead. Instead, to survive in this new and often hostile environment, you will need strong negotiation skills coupled with strategies on how to avoid loan problems. As credit standards tighten, expect to see more of the following types of scenarios: 1. "Stated-income" loans: RIP "Stated-income," or "easy qualifier," loans are becoming harder to find. In the past, lenders made an approval based upon the streng...