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Affordability of an Edmond Home Just Around the Corner
Interest rates are lower than ever, Edmond homes more affordable than in the past 35 years, and the monthly gross income allocated for the mortgage payment is at around 17%, so what's the roadblock for buyers? Access to credit and higher down payments!
Though homes are selling in this buyers' market, it's rare that a buyer won't need some financing. And that's the problem. Credit scores must be in the 700s with higher being better. The Zillow website reports even those scores won't always guarantee a loan.
When lending standards tightened after the subprime trend, it necessarily increased the access to loans. Research from the Federal Reserve indicates that over a quarter of all mortgages in 2006 were subprime, meaning buyers with credit scores below the 620-660 range were given loans. In addition, these buyers put little money down. Buyers in this range account for one-third of the U.S. population.
Lenders will look at your debt-to-credit ratio, your employment record and essentially your ability to pay back the loan. Lenders want to be sure that you will pay on time. They truly want to give loans to qualified buyers. But many of the subprime loans have failed and lenders do not ... more

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