Posted by: kgreenrealestate | December 17, 2010

Is it really harder to get a Mortgage?

Being in the Real Estate business, the question that has been asked recently is the topic of this Blog. Since the “Mortgage Crisis” it is true that some of the guidelines have been tightened up for sure. Credit Scores need to be adequate,  and they alter in requirement depending on the type of finance vehicle.

100 % financing is still available with CHFA and VA insured loans, despite the myth that it is no longer. Lending Institutions seem to be taking longer (my experience), to get to clear to close, but deals are closing. The Underwriters are scrutinizing with more assertion,but if the required info can be produced or verified the loan gets approved.

Best advise to potential Buyers is to have some savings for your down payment, and try to keep your bills pd on time for a good score. Sounds simple, but unfortunately, it is not the norm in the Purchasing world of Real Estate. The ones that do follow this golden rule, though, can realize a historically low-interest rate (current) and live the American Dream of home ownership!



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