Wednesday, April 16, 2014

Is It Easier or Harder to Get a Loan?

Fannie Mae's monthly housing survey reports that 47% of the adult population in the US thinks it would be easy for them to qualify for a mortgage, which is down 7% from the survey done in January.
What does this mean?  Well, nothing really, other than that the public is often mistaken.  
Here are the facts:
  • Fannie Mae underwriting guidelines are the same as they were last month, and the month before that, and the month before that.
  • Mortgage insurance companies relaxed many of their underwriting guidelines in the past month.
  • Many lenders are continuing to eliminate their own underwriting overlays (the underwriting guidelines they add to Fannie Mae's guidelines).
So what does that mean?  It means mortgages are actually easier to get now than they were last month or in earlier months.  There are stricter documentation standards that require borrowers to provide more paperwork (pay stubs, bank statements, etc.), but that only means a borrower has to look through their filing cabinet for a few more minutes than they used to.  It does not mean that it is harder to qualify for a mortgage.

If you can prove that you earn what you told your lender you earn, and you can prove that the money in your bank accounts came from acceptable sources, and you pay your bills on time, then you can probably qualify for a mortgage.  It's a little more work, but it's certainly not any harder to qualify.
If you want to buy a house, give us a call and see how easy it is to get a mortgage.

We sell our loans directly to Fannie Mae, so there are no additional underwriting guidelines.  

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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