Perfect Florida Homes

More evidence that the housing market still contains a lot of uncertainties, and not only in Florida: despite price falls which have encouraged buyers, getting that elusive home loan remains a major obstacle:

The price may be right, but if buyers can’t borrow enough, the house isn’t affordable. Difficulty borrowing is keeping many Americans from buying. “The industry went from little or no credit standards to credit standards on steroids,” says Marc Savitt, president of the National Association of Mortgage Brokers.

According to the Federal Reserve Board, about 85% of lenders, worried about falling prices and rising foreclosures, have stiffened requirements for borrowers in the past three months. Those with a credit score of 600 or lower cannot get loans at all, says Keith Gumbinger of HSH Associates, a mortgage information publisher.

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The U.S. House late Tuesday approved offshore drilling legislation that would open waters 50 miles off the Pacific and Atlantic coasts to oil and natural gas development, if the adjacent states agree to go along. The legislation now goes to the Senate, where it likely will face numerous changes - and probably stall.

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President Bush says if Congress doesn’t permit offshore drilling, lawmakers should not expect voters to support them in November. One proposal being floated would allow oil and gas drilling in federal waters - including off Florida - with a 50-mile protected buffer from shore. States would be allowed to “opt in” to drilling in federal waters with a portion of the royalties going to the states.

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