With credit requirements tightening and banks making changes it seems almost on a hourly basis, borrowers have fewer choices in mortgage loans wich is causing a lot of hardache!
As record numbers of foreclosures pervade the subprime market, lenders are becoming more and more anxious, and as a result, they’re tightening their mortgage loan guidelines. These more stringent guidelines, many of which relate to credit scores, are making it difficult to impossible for individuals with less-than-perfect credit to secure the loans they need—whether to buy a new house or refinance a loan to keep their homes out of foreclosure or just traying to keep there loans from adjusting on them.
For instance, last year a borrower could get into a mortgage with a 550 score, and now they need almost a 640 to qualify.
Lenders are much more cautious these days. If you have a low credit score, have a high low-to-value or need to go stated income, it is downright becoming almost impossible to help. Not including appraisal’s coming in lower than they have come in the last few years!
Right now, if you personally know someone, who has adjustable rate mortgage, or had to go stated income to get a new loan, or they don’t even know what type of loan they have they need to go to a certified mortgage & credit professional and have them do a complete debt analysis for them.
The number one problem I am seeing from all my clients they are coming to our office to late!
If they would have come in 3 months, 6 months earlier, we could have saved them!
If you need help, call our office we would be happy to help in anyway.