The Pandemic has triggered tighter requirements and it's making it more difficult for some borrowers to qualify for jumbo loans. These days, home buyers may have stricter credit score requirements and higher cash reserve requirements if they are trying to get a high balance loan. Lenders want low debt to income ratios, larger down payment requirements and some may not allow a loan on a vacation home or investment property. As a reminder, a jumbo loan is a home loan greater th
Buying a house and getting a loan can be complicated so it's important be prepared. Here are some tips to help you protect your credit score: DO'S DO make sure to get help from a mortgage professional. DO check with your lender before accepting gifts or loans from friends or family. There may be restrictions on what you can do and you don't want to jeopardize your loan opportunity. . DO stay current on existing accounts: Make sure you make all your payments on time. DO mainta
Even though a lot of mortgage information is now available online, most consumers still overestimate the minimum credit score and down payment needed to qualify for a mortgage. Do you know what they are? How about a low-down-payment programs? Here are the minimum requirements to qualify for a Fannie Mae loan but remember these numbers may not apply to other loans: Minimum Credit Score - 580.
What is a credit score? It is a three-digit number that relates to how likely you a