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Is it more difficult now, to get a mortgage?

By
Real Estate Agent with Berkshire Hathaway Home Services Res0759330

amdream

This question has been poised to Realtors, more so in recent yrs, since the happening of the mortgage crisis a while back. I always concur that yes, the lenders are more scrutinizing, but then again shouldn’t they b?

Clients are getting mortgage money to purchase, and the hearsay of that is not true is, exactly that- hearsay. 640 credit score is the norm although there are some programs out there, I believe, that will go down to 580. 100% financing programs are still available, again, as I have heard thru conversations that people believe they r no more.

I will admit that the banks are asking for info on purchasers that they never did before, some (to my opinion) ridiculous requests, but necessary to obtain the loan. So, Buyers, or potential Buyers, with interest rates still low- b advised that the American Dream of home ownership is possible.

With Rents at an average of $1200 (in my local area) per month,and not seeing these rental costs lowering,  it is crazy not to consider buying…….

Have a Great Sunday!

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