Lenders Easing Standards | Easier to Obtain Home Loan
Soon it will become easier to obtain a home loan. Standards for obtaining a home loan have been very strict since the recent real estate crisis, but that is about to change. Fannie Mae and Freddie Mac have issued new guidelines which major lenders are beginning to implement in the next few weeks.
Many buyers have stayed out of the housing market fearing they could not qualify for a home loan with the strict standards, being forced to rent. Well now there is hope for buyers wanting to purchase a home in South Florida. Many buyers were beat out by cash buyers/investors in our South Florida market, but the cash sales have declined, making it easier for buyers financing their new home purchase.
Lenders are expected to lower some of the credit score requirements for obtaining a loan. In addition, there was a recent change in the FICO credit score rating system. The new rating system helps those with a lack of credit, puts less weight on medical debts, and changes how collected debt is weighed on your report. If you would like to get your credit score for free visit www.creditkarma.com. Don’t forget you can get your entire credit report free once a year from www.annualcreditreport.com.
You can read more about lenders easing their standards here.
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