The home mortgage bubble burst over three years ago, and those once ever so popular sub prime loans are completely gone. Most consumers always thought that you had had to have a great job, and superior credit history get to buy a home, but that was not the truth in the 90s, and into the mid 2000s. Now, when applying for a home loan any negative information on a credit history or a credit score of less than 750 is an automatic red flag for home lenders. People now have to do the right things in life, and be accountable for their actions financially to enjoy homeownership.
Debt to income ratios are now closely scrutinized, as well as how secure a person
Tags: Mortgage
This is a good article but a little too conservative. As a direct lender, I can tell you that one does not have to have a 750 credit score to qualify. Home buyers today can purchase a home with as little as a 580 credit score, although must lender will require at least a 620.
I can provide borrowers no money down USDA home loans, and 3.5% down FHA home loans with credit scores at or above 620 with rates in the high 4’s.
Securing a mortgage today is a little more difficult but as long as one prepares for the required paperwork and earns a stable income that sufficiently provides enough to cover all their debts comfortably, home ownership is within their reach.
My team and I would be happy to assist and answer all questions.
Richard Woodward
Banker / Senior Branch Manager, NMLS ID 217454
When Trusted Advice Counts
Envoy Mortgage
Office: (972) 661-5136 begin_of_the_skype_highlighting