CarolinaMortgageConnection.com

Mortgage Loans Got Tougher

Throughout this mortgage “crisis” we have had one investor that was not requiring any particular credit score. They would underwrite any loan and did a lot of manual underwritten business. (A manual underwrite is a loan decision made by a real person rather than a computer and is a tough approval to get.)

With the tightening of money and credit lines available to lenders, this investor has just made some major changes. Not only have they imposed a minimum credit score of 620, they now will no longer accept any manual underwritten loans! The result: mortgage applicants with soiled credit have one less option for mortgage financing.

The way things are headed, home buyers and mortgage applicants are going to need solid credit in order to qualify. There are still a few options out there for dinged credit, but those that just won’t pay their bills are running out of options.

If you have had some credit issues and are on the fence about buying a home, now is the time to act! While there are still lenders willing to look at less than perfect credit and accept minimal down payments, you need to act now! Forget what the media is selling. The real estate and mortgage market in Charlotte is still attractive and strong! But if you wait until all the “smoke clears” you may be left sitting out in the cold!