As lenders tighten lending guidelines, credit repair alone will not do it
You need a down payment, and a large one. We wrote about how important was to repair credit or establish credit in March.
With all the mortgage woes going on and likely getting worse, banks and mortgage companies have changed quite a few things, making it much more difficult to obtain a home loan.
The biggest change is down payment has become almost a must for majority of mortgage seekers. In short, the more blemishes you have on your credit report, even small ones and the lower you scores are, the more money down you need.
Some programs which gave loans with as little as 0% down, now require 20%. The requirements are constantly changing and no, they are not getting any better. Those borrowers who could get a home loan last week, may not get it today. Before you look for a house, make sure you are qualified.
Thu Aug 23, 2007 10:08AM by Tony | More in Mortgage | Comments (0)
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