Rise From the Ash of 2008 Crash
As a result of the 2008-09 financial crisis, in general, mortgages are now a bit "safer" than they were 10 years ago.
The following loan types, now unavailable to most borrowers, were popular during the housing boom in the early/mid-2000s:
After the Great Recession of 2008, here's how we can be 10 years wiser
(See more tips on preparing — and prospering)
How YOU can help top it from happening again:
How affordability standards have changed since 2008
Verify income and credit information instead of just taking the borrower’s word for it.
Cap the maximum debt-to-income ratio at 43%.
Limit points and fees to no more than 3% of the mortgage amount.
This was intended to be a brief overview, for more specifics see the FULL ARTICLE as it appeared in NerdWallet.