August 11, 2017 at 1:22 pm EST | by Donna Evers
Home loans likely easier to secure now
credit standards, Homebuyers, Real Estate, Mortgages, Summer, Gay News, Washington Blade

With inventory tight, some lenders are easing their credit standards.

There is good news for some homebuyers who are ready to find the home of their dreams.

According to Fannie Mae, a leading source of financing for mortgage lenders, which provides access to affordable mortgage financing in the United States, there is new evidence that shows many mortgage lenders across America are easing their credit standards.

Fannie Mae conducted a survey in the second quarter of this year entitled, the “Mortgage Lender Sentiment Survey” and have released the results, which show that a growing number of lenders are reporting that they are loosening some of their credit standards, or that they plan to do so, in the next three months.

This is good news for anyone who is ready to find a home to buy. Qualifying for home loans has not been the easiest process in the last few years, so this news will be welcome to individuals and families who want to buy and have been not able to because of super strict credit standards imposed by banks as a result of the recession of 2007-2008.

There is no doubt that securing home loans has been challenging for many would-be buyers since the recession. For those who have been working on saving money in order to buy, I would encourage them to review their credit profiles with a mortgage professional. Evers & Company can recommend an array of qualified lenders to use as a reference. These professionals can help advise prospective homebuyers as to how much they can afford, what their credit scores are at present, and if necessary, how to improve their credit rating. Call our main office at 202-364-1700 and we will give you references for qualified lenders, so you can call and interview these professionals, ask the questions about your lending power, cash needed for a purchase, and your credit score.

The feedback from lenders indicated that their loan volume is down because of tight inventory. Combine this with strict qualifying standards and you get fewer people getting mortgages, so it comes as no surprise that the feedback Fannie Mae received when polling mortgage lenders indicated that they are leaning toward easing up on these strict credit guidelines. This, in turn, will allow more people to become homeowners. So, if you haven’t done it yet, call us and make an appointment to learn about your level of affordability. Your dream home may be within reach after all.

 

Evers & Co. is led by Donna Evers and her firm remains the largest independent, woman-owned and-operated residential real estate company in the metropolitan D.C. area, with 100 dedicated agents and four offices — including two in the District, one in Bethesda/Chevy Chase and one in Virginia.

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