Cape Gazette
http://capegazette.villagesoup.com/p/1222095

Lenders Want to Say Yes

By Bill Cullin | Aug 13, 2014
Source: www.BeachDelaware.com

If you wish to buy a home but consider yourself incapable of getting credit, you may be living in the past in terms of assessing your financial situation. Lenders have become more flexible in underwriting mortgage loans. 

A recent survey of mortgage lenders revealed some interesting trends. Ninety-six percent of those surveyed had cut their standard down payment requirements for moderate-income buyers, and 93% said they are more lenient regarding debt-to-income-ratios. Ninety-four percent of those surveyed said they now have more flexible approaches to credit histories, and look at rent and utility payments more than credit cards. Seventy-nine percent of lenders say they have relaxed employment criteria. They now look more at your capacity to generate a stable flow of income rather than requiring a long history at one job.

There are more lenders today, and they are in fierce competition with each other. The home loan industry has created entire markets that cater to those with less-than-perfect credit.

 

To learn more, contact Bill Cullin today.

Bill Cullin

Call or Text (302) 841-7147

Email: Bill.Cullin@lnf.com

Websites

www.DelawareBeachRE.com - Mobile Optimized

www.BeachDelaware.com

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