You are telling it like it is, Gene. No sugar coating the hard facts. I like the analogy of the Monopoly game. 

Just the facts - just the facts sir!  Great post Gene!

Great post Gene!

If the Dems get into office, it would not shock me to see some legislation that bans negative effects caused by CV19... Including negative credit scoring. Now, this is not a political comment, just an observation. Short of legislative action, millions of people's credit will be trashed because of an out of control virus. The depths of those effects will be far reaching for years to come.

I have to say that I’m glad all of the precautions are being taken in general. Stay safe out there, Gene!

I’m not sure I agree with that last comment but I don’t think that’ll happen in any kind of Illogical way, no matter who’s in office.

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 
So true! Just like trying to get a mortgage without substantiating personal income, better be able to document those COVID-19 claims!
All the best, Lynn

What's best for a consumer mortgage loan depends on their personal financial information, circumstances, assets and income, so, getting a loan is an easy process if the consumer is qualified to get a loan. 

This is great information for Buyers out there Gene.  It seems as though if anything, Covid has made it a little more difficult to get a loan.  I have had a few buyers seem to jump through more hoops than usual with everything going on.  I like the way you get right to the point!

As Always  a Spot On Informative Post! Buying a home is a team effort Buyers need a good Realtor and a good lender! Lenders pave the way early on with the pre qualification process  to ensure a succesful transaction. 

Thank you Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

Preapproved not just prequalified was always important prior to traipsing through folks homes and tying up sellers, agents, themselves. Wanting to buy a home and being ready, willing and able is a timing issue. Or time to look under the hood without blaming COVID19 for financial problems deep seeded long before the virus saturated the news and changed life as we knew it. COVID19 mandates from state REALTOR and licensing boards to make sure the buyer is preapproved makes our job easier. We suggested it, the state demanded it. Great thorough post... glad you eavesdropped Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi !

Thanks for the update concerning the affects of Covid-19 in today’s Mortgage Market !!!!!

I'm so very tired of hearing people lay blame for anything and everything on Covid-19! My patience has become very thin when I hear those words and it's typcially met with a quick response whether they want to hear it or not.

There is no better lender in the Chicago area than Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi!  It seems like the gremlins might have messed up your profile photo.

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi , Many do not realize that the pandemic has made getting a mortgage more challenging, not less.  Great post!

Gene difficult to try to put all the blame on COVID-19 when dates on the credit report show late payments for time periods prior to the virus.  Lenders will listen to all the excuses, but it is the facts that will prevail in making the lending decision.

Great post Gene! People need to understand that these lockdowns present more stringent controls on verifying their ability to repay, not more understanding, or a free pass. People should also recognize the increased volume all lenders are dealing with and be diligent in providing all of the documentation as quickly as possible (prior to pre-approval),

Hi Gene:

Great education here for anyone who might mistakenly believe there are no challenges in gettinga  mortgage during the pandemic or that any issues that may have resulted from it - with unemployment and other matters there are many - will not be important. If anything it's far more difficult, as you pointed out.

And with the market being what it is with resales and refinancing things are more delayed it seems.

Jeff