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Tough Requirements for Mortgage Loans
from: Mortage & Debt FactsIf you live in California or Florida, it’s is definitely harder to qualify for mortgage loans in these areas than other areas that have been less affected by the housing slump.
The same “no money down deals” that used to be so popular in these states are now gone. In their place, you will find some that houses in these areas will require at least a 10% down payment, if not more. This may seem hugely unfair for some when they realize the same is not true for other areas of the United States where the housing market has not declined as much. In those areas, you can still get mortgage loans with only 5% down.
Your Credit Score Is More Important
Credit score requirements for mortgage loans have risen. A good score will have to be above 720, which is fairly high. If you don’t meet the new, more stringent credit score requirements, the bank may still offer you a loan – after you pay substantial upfront fees.
As if that weren’t enough, you will be offered a higher interest rate to compensate for any deficiencies in your credit reporting. This may make it difficult to qualify for a higher amount after you take into account more money to pay for fees and monthly payments.
What About Previous Data?
If you qualified for a loan before the new rules, you may have some nasty surprises ahead of you. Mortgage loans approved in the past can easily be affected, with the most common problem being how much of a cushion you need to buy the house.
If you qualified with a 5% down payment, you might need 10% now. Since the percentages are based on the total cost of the home, the borrower may be facing an addition of many tens of thousands of dollars they need to come up with before closing. This is why many people are finding that even if they qualify, they are caught short.
Check Your Local Market and Lenders
The situation is not the same in every state in the union. Be sure to check your local real estate market and lenders. Lenders are becoming more aware that some areas have resisted the downturn and they are not as concerned about fallout in housing prices there. This can impact the types of offer that are available in your area versus some place like Florida.
As long as the market is good in your area, you will probably have more choices in mortgage loans and favorable terms than other more affected areas.
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Current Mortgage Rates News
Current Mortgage Rates for Thursday, May 24, 2012 - Mortgage Rates & Trends (blog)
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Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... - Eastern Morning Herald
 Best Syndication | Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... Eastern Morning Herald Low mortgage interest rates are causing quite a stir in the mortgage industry these days. Despite the slight uptick in mortgage rates at some top lenders, so far rates are still clinging near record-lows this week, which likely drive more demand for ... Current Mortgage Rates for Wednesday, May 23, 2012 Current Mortgage Rates Today – Wells Fargo and SunTrust lower loan rates as ... Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales |
Current Mortgage Rates for Tuesday, May 22, 2012 - Mortgage Rates & Trends (blog)
 Mortgage Rates & Trends (blog) | Current Mortgage Rates for Tuesday, May 22, 2012 Mortgage Rates & Trends (blog) By Michael Kraus on May 22, 2012 Yesterday we saw mortgage rates rise a little bit as mortgage-backed securities and Treasuries sold off in the face of a mild stock rally. Today I anticipate that rates will remain at close to current levels as the Euro ... Eurobonds: an essential guide Thursday Newspaper Review - Irish Business News and International Stories ... Europe faces difficult search for growth |
Fixed mortgage rates hover at record lows - CBS Moneywatch
 CBS Moneywatch | Fixed mortgage rates hover at record lows CBS Moneywatch (MoneyWatch) Fixed mortgage rates remain at record lows, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS), released Thursday. This marks the second week in a row that 15- and 30-year fixed rates have fallen. Mortage rates hit record again |
Current Mortgage Rates for Monday, May 21, 2012 - Mortgage Rates & Trends (blog)
 Mortgage Rates & Trends (blog) | Current Mortgage Rates for Monday, May 21, 2012 Mortgage Rates & Trends (blog) Unless we get some numbers that are very far from consensus expectations, we are unlikely to see mortgage rates rise significantly above their current record low levels. Total Mortgage is committed to getting you the lowest possible rate. |