The last 3 years have been rough. Mortgage lenders have continued to squeeze buyers with more hoops buyers need to jump through in their policies. The Federal Reserve’s quarterly survey reports that about 1 in 10 lenders added more hoops between April and June. It may sound like a lot but when this whole thing started 2 years ago, 8 in 10 lenders added hoops.
Things may be looking up! If the survey results prove to hold true, the lending may have reached the “hoop” limit.
It all started in 2007. Extra details are a big deal on assets, tax returns and job history. Lenders also care about the purpose of loan.
Don’t let that scare you off, homeowners are still getting loans. A lot of them.
Is the time right to buy a home? Rates are great and the hoops are getting smaller. It looks like a great time!
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