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Lenders and mortgage insurers pull back
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May.
Most buyers can still get home loans, but some find themselves pushed out of the private mortgage insurance, or PMI, market. Instead, they have to get mortgage insurance through the Federal Housing Administration. That often entails having to switch mortgage brokers, because many don't have FHA certification.
The upshot: Although mortgages have become harder to get, they're not impossible to get. Borrowers must document income and assets, bring a down payment (or have equity) and have enough flexibility to change lenders to get an FHA-insured mortgage. It helps to have a high credit score.
Bob Moulton, president of Americana Mortgage of Manhasset, N.Y., has a client who wanted a jumbo, interest-only mortgage. Moulton tried to get the client a loan through Astoria Federal Savings, which required a credit score of 740. That's a high hurdle in the mortgage world, and Moulton's client couldn't qualify because he had a credit score of 672.
"And it's a full ... more

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