The lender said it is very hard to get a mortgage loan now
First, I am not a mortgage lender, I am a REALTOR®. I can't precisely explain the mortgage regulation and new changes to you. I just have enough knowledge to share with my clients and prospects about what the basic requirements are to obtain a home loan.
I do know new regulation has applied to getting a home loan since Jan 10th this year. To sum it up, and to my understanding there will be more paperwork for the borrower to fill out and more verifications needed throughout the process.
New rules are added to mortgage industry in the beginning of each year, it is nothing new. There are good and not so good changes all the time throughout the year, sometimes it may affect some borrowers ability to qualify for a home loan; but as long as you have all the documents for the lender to verify your loan application, submit everything they ask you to, you most likely will be fine.
Most GOOD lenders are willing to explain and help their customers instead of "scaring" them away and make them feel helpless. I have a client who has good credit scores told me today that the lender she talked to told her IT IS VERY HARD TO GET A HOME LOAN NOW, I disagree!
The several clients who I am working with and also under contract right now, all have different credit history. Some of them are excellent, some of them had to work on a few things for a few months and now they can buy. They all are under contract after 1/10/14 when the new rules applied, they didn't have any problem to get a home loan. Like I said earlier, there may be more papers to fill out and more documents needed, but all in all it is NOT VERY HARD TO GET A HOME LOAN. That lender who told my client that may not want to work, but believe me there are many GOOD lenders out there who I have worked with are very willing to help you and explain the process to you.
When in doubt, check around, ask a reliable source, like talk to your trusted REALTOR®. We work with many clients day in and day out, I have confidence we have enough experience to share with you what we know.
If you like to talk to me for more information, feel free to give me a call, text or email. My contacts are right underneath this blog.