Home Buyers | Credit Scores & Down Payment Requirements Ease
October 16, 2013
If you are thinking about purchasing a home and are concerned about getting a loan due to what you’ve heard about and/or previously experienced when it comes to getting approved for a loan, it’s time to take another look.
A recent study by Housingwire, says that lenders are starting to ease up on borrowers. Lenders are beginning to approve more loans for those who have credit scores under 700. This is great news for all homebuyers who have some debt or discrepancies that held up the approval process in the past. Whether it is higher student loans, credit cards or a past short sale or foreclosure, you may now have the opportunity to purchase your new home, depending on your current credit score. The fact that lenders are easing up on requirements will make it easier for homebuyers to come in and get a loan to purchase the home of their dreams.
The Housingwire study also stated that banks have started to lend larger amounts of money while requiring a lower down payment. The minimum down payment for a Conventional loan could be as low as 3 to 5% and FHA is 3.5%, which is a low down payment for those who have cash flow, however, want to keep some of their nest egg in the bank.
If you are thinking about purchasing a home and/or need to sell your home, contact me today. We will go over current market trends and set you up with some fantastic lenders who are ready and able to assist you. I am a licensed Realtor in MN, working in the Twin Cities and greater Metro Areas and am dedicated to providing the very best service to all of my clients – past, present and future.
Realtor- GRI, ABR, CDPE
the Better Living Group
Keller Williams Classic Realty NW
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