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SEARCHLending Options Getting Tighter
May 29, 2007
Potential buyers are feeling the squeeze when it comes to getting approved for a loan.
New standards are the driving force to the tightening:
1. Ability to repay – Qualifying atĂ‚ a loans reset amount.Ă‚
2. Down Payment – At least 5 – 10 percent. 100 percent is getting harder to get.
3. Credit Score – They range from 300’s to low 8oo’s. Lenders want to see at least 620, but above 680 will likely get you a loan at a reasonable price.
4. Income Verification – “Stated Income” is much harder now. Spending upwards of 45 percent of gross income paying off debt and mortgage payment isnot look at favorably by lenders either.
It is harder to obtain a loan now, but there are other programs where loans and grants are given to certain people who qualify for assistance.
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