In today’s market you will find legitimate lenders have stricter underwriting guidelines and require more documentation from borrowers. Because of this many would-be borrowers are finding it difficult to get funding to buy a home. Lending requirements insist on higher credit scores and the days of legitimate lenders offering “no-doc” loans are all but a thing of the past.
If you are a would-be home buyer be prepared to need to offer lots of documentation and be prepared that even with adequate credit scores and documentation it may take a bit more time to get approved.
Many people who believe they have good credit scores, a good job and who think they are going to get a loan end up with a surprise, as they end up learning they are not qualifying for a loan, or if they do qualify it is at a rate, or with points, they do not find acceptable.
Getting Pre-approved is Critical
If you are in the market to buy a home, it is critical to become pre-approved BEFORE your agent takes you out to see homes. It is important to know where you stand as far as your ability to get a loan and how much the loan will be for, so your agent can tailor a search for homes for you that fits this criteria.
We can provide you with referrals to quality lenders. If you are ready to become a buyer, call us today for these resources – 480-201-3001.
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