Mortgage Loans in 2011...UGH!
Posted 03-22-2011 at 03:15 PM by VickiR
Call this a blog or call it a vent but here goes! In the past years, I always told my buyers that they needed 2 out of 3 things to get a mortgage loan:
1. Some cash,
2. Good credit,
3. Income.
Nowadays, you want a mortgage loan? You better have all 3!
It is amazing to me that I recently had a buyer who wanted to buy a $200,000 home, was putting $100,000 down and could not qualify for a mortgage loan because he had too much debt!
So...my suggestion to those of you that want a mortgage loan? Save some cash for a downpayment and to have in case of an emergency, get your credit cleaned up and...have a job!!!
Simple? Yes but understand that even when you have all 3, you are going to be asked to supply paperwork to document EVERYTHING so bite your tongue, smile and get ready! Welcome to Mortgage Loans in 2011!
1. Some cash,
2. Good credit,
3. Income.
Nowadays, you want a mortgage loan? You better have all 3!
It is amazing to me that I recently had a buyer who wanted to buy a $200,000 home, was putting $100,000 down and could not qualify for a mortgage loan because he had too much debt!
So...my suggestion to those of you that want a mortgage loan? Save some cash for a downpayment and to have in case of an emergency, get your credit cleaned up and...have a job!!!
Simple? Yes but understand that even when you have all 3, you are going to be asked to supply paperwork to document EVERYTHING so bite your tongue, smile and get ready! Welcome to Mortgage Loans in 2011!
Total Comments 1
Comments
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Interesting how things changed so quickly. Everything being cyclical... Now and days lenders are competing with each other with reduced fees and competitive rates.Posted 01-12-2013 at 07:50 PM by xial08
