 Credit Standards are EasingTuesday, February 7, 2012 - Article by: Alan Morris -
We found an interesting story today from DS News Service that reported "Housing Crisis to end in 2012 as Banks Loosen Credit Standards". See full story here. As a North Carolina Mortgage Professional, I have to agree with the information presented in this online article. Mortgage Insurance companies have eased their guidelines, which allows the potential home buyer to finance a home on a conventional loan with a lower down payment. Many home buyers do not realize, with credit scores above 740, you can buy a home today with 3% down payment. A great alternative to FHA loans for many people. For those home buyers with lower credit scores, First Priority offers FHA loans down to 580 credit score, which was unheard of a year ago. Refinance loans are available down to a 620 middle score. So credit guidelines are loosening as more time passes. Knowing which professional to contact will help the homeowner fully understand their options. We believe more stories like this will begin to emerge as we progress through this year and 2013. Our advice is to be prepared to take advantage of the opportunities in the housing market by hiring a top Mortgage Consultant before the home shopping begin. So many real estate and mortgage loan opportunities abound in the market right now. The truth is if you can prove your income there is probably a loan product for you. Give us a call today to discover all the financing options available along with these record breaking low rates! |
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