6 New Hurdles For Home Financing
This is the most important part of this article and why I cannot stress to you enough about using something who is an expert because your deal can and will fall apart.
Paul McFadden, a loan officer with The Legacy Group in Bellevue, Washington, says, “These days, the number of mortgage applications that get approved is probably three out of 10. In the heyday, it was nine out of 10. Normally five or six out of 10 would be the ratio.”
The article does a good job of pointing out the different hurdles. Credit scores was the first but this only really plays a big part with Conventional loan although you really should have at least a 620 middle score for government loans.
The 2nd one was the scrutiny of income and assets. We will look at every deposit and withdraw on your bank statement and if we can’t determine where a deposit came from you will need to document proof of where it came from.
The last 3 are the ever changing guidelines, appraisals, self-employed borrowers, and how hard it is to get financing on condos. The bottom line is that even though this may scare some, none of it is hard as long as you are willing to cooperate and provide whatever is asked for from your mortgage professional. Leave that sense of entitlement at home.