Released: September 18, 2007

In credit crunch, location matters

Source: Kathy Chu, USA Today

You’ve heard about how the credit crunch has made it harder for many types of buyers to afford a home or qualify for a mortgage.

First-time buyers. Those moving up to larger homes. Buyers with marred credit or little cash for down payments. Those in pricey areas who need “jumbo” loans exceeding $417,000.

“If you’re going to get a loan today, in comparison to six months ago, you’ll have to bring more money down, better documentation and better credit characteristics to get the same terms,” says Doug Duncan, chief economist of the Mortgage Bankers Association.

But here’s what you might not realize: The impact isn’t the same everywhere. It all depends on where you live.

Read Full Article: In credit crunch, location matters