Difficulty in getting a home loan?

I have noticed that it is more difficult to get a home loan in some states than others. For example in the rust belt where property prices are declining the banks are less likely to want to make loans, or if they do they will want a bigger down payment.

Realtors told me that banks would tighten up credit this year, but I have seen no evidence of this. China is pouring billions into mortgage backed securities so banks are eager to lend.

In states like Florida they are more willing to loan money because the economy is growing and property prices are increasing. Getting a Florida mortgage is easier. In my experience I was able to qualify for a variable rate mortgage even though I had only been working for two years.

Another rapidly growing state is Nevada. Getting a Nevada mortgage is not as hard as one in California because property prices are lower in Nevada so it is easier to qualify.

The South and West in general are growing faster than the rest of the country.

Another possibility is to consider Virginia which is less expensive than Florida, but has an expanding job base due to defense contractors. You will have an easier time getting a Virginia mortgage if it is near a city that is growing. Banks look for areas that are expanding when they loan money. A friend of mine who sold his house in Florida and moved to Virginia says that the work situation is stable and that you can get twice the house for half the price and he had no trouble getting a Mortgage.

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