Mortgage Industry Changes

We are all adjusting to the market conditions and economic impact of the corona virus. This will pass in due time. I just want to let everyone know that the mortgage industry has felt the impact as well. Many lenders are pulling back certain loan programs and changing guidelines. As a result, some loans are not closing this month with many lenders. At Interlinc Mortgage, we are closing as usual.

 Interlinc Mortgage has been impacted too but no drastic measures have been taken. Our basic loan programs remain intact. Minimum credit scores for FHA and Conventional have not changed for April however there will be a 620 minimum credit score for FHA loan in May. Unless you have a contract in April, you will need a 620 score in May for FHA loans. Minimum score for Conventional loans remain at 600.

 I have seen some lenders that are not locking interests rates for 60 to 90 days. At Interlinc Mortgage we are still locking rates for 35 days for purchase and refinances.

 There is still time to close loans in April but you must act fast to get a purchase contract or refinance deal. To close in April, we must start the loan early next week.

 Call, text or email me with any questions or issues you may have.

 Stay safe and healthy.

Marcos Rincon, Mortgage Loan Originator

Interlinc Mortgage Texas