Mortgage Lending Guidelines & Corona Virus

By
Mortgage and Lending with D A Griffin Financial.LLC NMLS 6380

Mortgage Lending Guidelines & Corona Virus

 

The arrival of the Corona virus has changed our lives significantly and it should come as no surprise that it has changed the mortgage lending world. Not only has it changed the interest rate market for refinance and purchase loans but it has changed at least on a temporary basis how mortgage loans are evaluated on their way to approval through closing.

 

We are seeing mortgage lenders tighten up some standards when it comes to debt ratio, credit, reserves, etc.  Whereas these are discussed as temporary in nature if you are someone who has a loan in process or have been qualified for a purchase be sure you are on top of things with your loan originator. It is a stressful time and you want to make sure if the right home shows up in this tight market you are ready to hit the ground running. Inventory continues to be a problem, be the most qualified buyer by taking steps now to know what you need to know.

 

The perfectly reasonable reaction by at least half the governors to keep their people safe has resulted in the potential that folks will not be able to make mortgage payments going forward. New mortgage loans are then held to a higher standard to make sure the business that is being done is higher quality.  More assurance is necessary to make sure folks are employed.

 

Best practice is to stay in touch with loan originators and real estate agents to make sure everyone is aware of their responsibility during this time.  Make sure your pre qualification is still valid or what you need to move forward.

 

 

 

 

Comments (5)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great, and safe day.

Apr 01, 2020 02:08 AM
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

Richard, thanks for the comment.  It is going to be interesting in the near future, communication is key! Stay safe!

Apr 01, 2020 07:13 AM
Dr,Benjamin Owen
Autaugaville, AL

AFFORDABLE/COMFORTABLE LOAN OFFER WITHOUT COST/STRESS CONTACT US VIA Call/Text +1(646)820-1981 WhatsApp: +19292227023 Email drbenjaminfinance@gmail.com

Loan Company Website: https://capitalmanage-inc.com/

 

Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? ®Capital Managements Inc™ is the solution to your financial misfortune. We offer all types of loan ranging from $5,000.00 to $533,000,000.00USD with a low interest rate of 2% and loan duration of 1 to 35 years to pay back the loan secure and unsecured. Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Kindly reduce your payments to ease the strain on your monthly expenses by Contacting us on the following WhatsApp:+19292227023 Email drbenjaminfinance@gmail.com

 

Loan Offer Alert For Everyone! Are you financially down and you need an urgent credit/financial assistance? Or are you in need of a loan to start-up/increase your business or buy your dream house. GET YOUR INSTANT LOAN APPROVAL 100% GUARANTEED TODAY NO MATTER YOUR CREDIT SCORE. drbenjaminfinance@gmail.com

Capital Managements Inc Website: https://capitalmanage-inc.com/

Jun 22, 2021 06:58 PM