Advice On Getting a Mortgage ~ Hampton Roads Real Estate Ramblings

Advice On Getting a Mortgage

Wednesday, October 20, 2010

Hello Hampton Roads,

The only thing we can count on in this market is change, and with that I'd like to talk about changes in the mortgage industry and offer advice on getting a mortgage.  It's a lot harder to get a loan now and there's definitely some things that as a buyer, you should not do when applying for a loan.   I learned some great information today from our company's in house lender, Brad Shoemaker with Southern Trust Mortgage

The only constant is change, continuing change, inevitable change, that is the dominant factor in society today.  No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.  --Isaac Asimov
 First, here's a few highlights on how the getting a mortgage has changed:
  • No more stated income loans
  • No more NO DOC loans
  • Very limited 100% financing options (VA, VHDA, FHA Plus, & special grant programs)
  • Minimum 620 credit score (Many institutions are now requiring 640 minimum)
 Next, here's some sage advice on what NOT to do when you are getting a home loan:
  • Don't change jobs
  • Don't change banks or move money around
  • Don't make major purchases
  • Don't close credit card accounts or apply for new credit
  • Don't deposit cash that can't be documented

If you have any questions about home buying in general, feel free to contact me and I'd be happy to help!



Thanks for Reading,


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