Potential housebuyers and refinancers usually hear mortgage financing criteria are way too that is tight it is difficult to be eligible for a home loan without perfect credit. But just exactly how difficult is it, actually, to obtain home financing today?
This will depend on that you ask and that which you suggest, precisely, whenever it is asked by you.
“If somebody says than it was at the height of the boom — when there was no income documentation requirement — yes, of course it’s harder to get a mortgage today than it was at the height of the insanity, ” says Bob Walters, chief economist at Quicken Loans that it’s harder to get a mortgage today.
But there’s a notion they have stable incomes, some equity or down payment, and decent credit scores, Walters says that it’s “extraordinarily difficult” to get a mortgage when in reality, borrowers have no problem getting one when.