Stricter Lending Guidelines

by benjaminteam on July 23, 2009

in East Phoenix Valley and Gold Canyon Real Estate

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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Tagged as: buyer broker forms, first time home buyers, stricter lending guidelines

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