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Affordable Mortgage Opportunities
August 7, 2015 — 2 min read
Affordable Mortgage Opportunities Being Overlooked By Homebuyers
During the last housing crisis, the range of loan products offered in the mortgage industry narrowed considerably. Fortunately, there have been recent changes to lending regulations within credit and underwriting standards. These changes have increased the number of affordable mortgage opportunities homeowners can employ; making their dreams of homeownership a reality. There's a misguided perception that it's "extraordinarily difficult" to get a mortgage, especially for first-time homebuyers and millennials. The reality is that low-down-payment options and grants are available and the number of low down payment products is at a two-year high! Today's underwriting guidelines are nothing like those that existed just prior to the housing meltdown, with controlled underwriting risk management systems in place to protect both the borrower and the lending market.These changes have also helped unlock mortgage accessibility for:
- First-time homebuyers and those looking to purchase a home with little-to-no down payment
- Decreased monthly income qualification requirements on deferred student loans for Millennials trying to overcome student loan debt to purchase a home
- Boomerang buyers able to purchase a home again after a short sale or foreclosure
- Investors or those looking to dip their toes into the landlord pool by buying income properties using market rents to qualify, without having to provide a two-year landlord history
- Lowered minimum credit score requirements (min. 600) for USDA, FHA, VA, and manufactured home loans
- 100% gift funds allowed for down payment qualifying on multiple loan products
PRM is always available to provide a no cost, no obligation consultation to help educate and pre-approve potential homebuyers. Contact us today!
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