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Mortgage guys/gals
Posted on 1/14/11 at 8:43 am
Posted on 1/14/11 at 8:43 am
I have been "hearing" that despite the low rates and housing inventory, lenders are being "tight" with new mortgage lending and even people with "great" credit are having a hard time getting loans...
1) Is this true?
2) If it is, what is a credit score that will get a borrower past this barrier?
1) Is this true?
2) If it is, what is a credit score that will get a borrower past this barrier?
This post was edited on 1/14/11 at 8:47 am
2
Posted on 1/14/11 at 8:49 am to udtiger
I have learned that people's definition of "great" credit greatly varies. If you have a score in the upper 700s and have some money to put down, I don't see any reason why they wouldn't lend you the money.
Posted on 1/14/11 at 9:39 am to Vrai
cash down and over 700 yes, but bank will still make it difficult to get the loan. They are complete idiots, with processors who don't understand credit or tax returns or anything really to do with finance. Processors just checking off items from a list and if you don't submit the item exactly as they want it, you will be delayed.
Example, I had to submit a checking account statement and one of the pages had the header slightly cut off from the scanner - item was rejected because of that (of course it took 3 days to let me know, hence delaying closing).
Also, submitted wife's paycheck one month and approval kept getting dragged out for various reasons and turnaround times, so then towards the next month they requested wifes latest paycheck again - not the one I just sent them 3 weeks ago, but the more recent one!
It really is a clusterfrick with all the regulations and incompetent back office workers. Good Luck
Example, I had to submit a checking account statement and one of the pages had the header slightly cut off from the scanner - item was rejected because of that (of course it took 3 days to let me know, hence delaying closing).
Also, submitted wife's paycheck one month and approval kept getting dragged out for various reasons and turnaround times, so then towards the next month they requested wifes latest paycheck again - not the one I just sent them 3 weeks ago, but the more recent one!
It really is a clusterfrick with all the regulations and incompetent back office workers. Good Luck
Posted on 1/14/11 at 11:04 am to bamaswallows
It's not more difficult to get a loan, it's just how much your rate is going to differ based on your credit score. Of course you have to document everything, but as long as any loose ends are tied up, it's really not that bad.
Posted on 1/14/11 at 6:28 pm to jkb531
I have been going through this b.s. for 4 months now. The problem I had was as simple as my prior mortgage was not cancelled after it was paid off. I even submitted what the prior company sent me in the mail saying that the balence was paid in full. Also had to get a new survey done just because the neighbor had a lean on their property. Needless to say I got a call today and said it was finally finished, just now the rate is a 1/2 poit higher. 
Posted on 1/14/11 at 9:38 pm to sabansucks
That is your last title companies fault not your current lender. Rates have gone up which sucks but they are still low comparitively speaking. Hope it works out for you and you are still able to save some money.
Posted on 1/14/11 at 10:28 pm to udtiger
Honestly, it's hard to say exactly what will get you a loan. A great score by itself may not be enough.
I started shopping around for a HELOC about this time last year, but I happen to live in what the industry considers an overbuilt and distressed area, so the loan requirements stipulated that the existing mortgage + the HELOC be no more than 60% of LTV.
Mine was about 70%, so I was turned down repeatedly despite my 790 FICO. I had thought I could borrow pretty much just by picking up the phone, but I was wrong.
That said, the lending environment has changed a lot in the last year, it may be better now.
I started shopping around for a HELOC about this time last year, but I happen to live in what the industry considers an overbuilt and distressed area, so the loan requirements stipulated that the existing mortgage + the HELOC be no more than 60% of LTV.
Mine was about 70%, so I was turned down repeatedly despite my 790 FICO. I had thought I could borrow pretty much just by picking up the phone, but I was wrong.
That said, the lending environment has changed a lot in the last year, it may be better now.
Posted on 1/15/11 at 10:36 am to foshizzle
Thanks for the info. We are probably about 6 mos. away from diving in (we've got to spruce up our current pad first for sale). Just wanted to get an idea what is was like out there.
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