Get your Orlando Real Estate News from a dedicated Buyer Agency Office. Orlando Real Estate is HOT!! Prices are up. Now is the time to Buy, Interest Rates low. Condos, Townhomes, Single Family Homes available at all budgets Foreclosures to Luxury Properties. Buyers Broker of Florida can help. +1-407-539-1053!
Wednesday, March 21, 2007
Bad Credit? Financing a Home is Tougher
There has been a shakedown in the subprime financing market as lenders realize more defaults on loans are occurring. Subprime borrowers accounted for 15% of the mortgage borrowers and have credits scores of less than 620 (score ranges are 300-850). Overnight lenders have tighten guidelines and many have went out of business. Guidelines have tightened for borrowers who want to refinance with less than 10 equity in a home, want a loan without verification income or assets, or want to borrow more than 95% of home values. Lenders want higher standards as higher credit score by 20-40 points, larger down payment, lower maximum loan amounts. So, even if you have bad credit, there are lenders that will provide financing, but it may take some preparation on behalf of the borrower to meet the higher standards. Please see article for complete details. http://www.orlandosentinel.com/classified/realestate/orl-mortgage31807mar18,0,7503547.story?track=mostemailedlink
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.