Originally Posted by california rick
1. Companies looking at those with bad credit as potential money makers.
Not any more. I'm in the market for a house. Credit must be pristine. Income must be pristine. Credit standards have tightened immensely.

Not quite true. I work for a mortgage company and I can tell you that there are plenty of good deals to be had if you know where to look. There are a lot of houses for sale by banks and quite a few short sales as well. Also, if you haven't walked away from a government loan, a bankruptcy doesn't look as bad as you think. After 2 years, with a good income (compared to the value of the house you want to buy) and reasonable level of debt (total Debt to Income ratio under 45%) you can get a good 30 year fixed rate around 6.5% right now.

A gem cannot be polished without friction, nor a man perfected without trials. ~Chinese Proverb

The early bird gets the worm, but the second mouse gets the cheese. ~Jon Hammond