Is It Hard To Get Approved For a Mortgage?
Do Current Mortgage Standards Make It Impossible To Get A Mortgage?
There is a lot of misunderstanding about the current mortgage standards and what it takes to get a loan for a home. Here is a quote from Danny Gardner a Vice President with Freddie Mac:
So I thought it was important to address some of these myths.
Myth #1 – A credit score of 780+ is needed to get a mortgage.
Answer: 54% of all closed loans had a FICO score that fell between 600 and 749.
Here is what it looks like for the different types of loans. And please keep in mind that these are “averages” that means that some were higher but also some were lower.
The bottom line here is don’t just assume that you cannot qualify for a home loan. There are many packages and structures that available than ever before.
Talk to your lender and if you don’t have a lender contact me and I will give you a list of them that my clients have used and seen great results.