Mortgage Lenders Lowering Loan Approvals Standards Rapidly!
Mortgage Lenders Lowering Loan Approval Standards Rapidly
It's an excellent time to be buying a home or refinancing one! U.S. lenders are making it easier to get mortgage-approved.
Between January-March 2016, for the eighth straight quarter, a greater number of mortgage lenders reduced their loan approval standards than those which increased them.
It points to why more mortgage loans are being approved than during any period in recent history. If you've been recently turned down for a mortgage, it's time to re-apply.
New home loan programs have been rolled out and more are on the horizon. At the end of the year the GSE will also look to increased loan limits. Wellspring Finance program of 1% down payment conventional home loan program with no mortgage insurance has been a popular program since its launch. You can apply at https://goo.gl/3j2X6O to take advantage of this program now!
Lenders have armed themselves with better lending models and feel buoyed by the rising U.S. housing market. Banks are now making new concessions for borrowers with less-than-perfect credit; and for those with little or no home equity.
If you're worried about getting turned down for a mortgage, it can't hurt you to apply. You may be surprised at what you find out. https://goo.gl/3j2X6O
FHA Loans And VA Loans Also Getting "Easier"
The first-quarter Federal Reserve Senior Loan Officer survey also showed a loosening in government-backed loans -- a category which includes FHA, VA, and USDA loans.
FHA loans are loans insured by the Federal Housing Administration. They are sometimes referred to as 203(b) loans after the section of the FHA code in which they're described.
FHA loans are popular among first-time home buyers because they allow for low down payments of 3.5% and because credit score requirements are often lower as compared to other loan programs.
FHA loans are available to all mortgage applicants. https://goo.gl/3j2X6O
By contrast, VA loans and USDA loans require borrowers to meet special qualification.
VA loans, for example, are available to members and veterans of the U.S. military, and surviving spouses. VA loans allow for 100% financing and never require mortgage insurance.
USDA loans are limited by geography.
Available in less-densely populated areas, including many rural parts of the country and many U.S. suburbs, USDA loans also offer no-money-down options.
More opportunities for Loan Officers
?The real estate and mortgage industry is on fire right now and is providing many opportunities for loan officers. We are seeing an increase in mortgage originators returning back to the industry to capitalize on these opportunities. If you are looking for a change in career or want to come back to the industry there has never been a better time. We offer the technology and support to be successful in this business. Check out our career page for more information: https://goo.gl/zMnKbx