Loan requirements are getting looser.
60 % of people who want to buy do not believe that they can qualify. 3/4 of these people have ot even checked it out. So they do nothing. Granted, the banks have been tough. The new banking laws of Dodd Frank make them liable to take back a loan that goes bad if they sold it to fannie and freddie. So they have been overly strict. It’s time to check out your status.
Most people don’t know that they can get gifts to cover 100% of their downpayment. Average fico has dropped to 726.77
It’s important to get approved with a lender before you shop (not just a simple pre-qual letter). This approval should attach to any contract you submit.
Interest rates are going up folks. If you have a good job and good credit- go for it now.
