Wall Street Journal reports, "Nearly 10 percent of banks said they eased their lending standards for 'prime,' or low-risk, mortgages in the first quarter, according to the Federal Reserve's latest survey of senior loan officers...The report, which provides a snapshot of the supply of, and demand for, bank loans, showed a greater share of banks easing these standards than the five percent in the previous quarter's survey...Still, banks are mostly lending to borrowers with strong credit histories."
Yoram Eliyahu responds, "In recent years, many home loan financing experts have encouraged those who could not obtaining mortgages to reevaluate their credit and repair problems that may have disqualified them. During that time, those who adhered to these suggestions could have drastically improved their credit rating, making it possible for them to obtain greater possibilities in today's recovering market."
While Yoram Eliyahu suspects that these trends will continue to improve, those who are able to get ahead of future consumer demand may find their selves in an advantageous position. For instance, those who qualify for mortgages may not only be able to acquire favorable financing options, but may also have less concern over bidding wars and availability when it comes to purchasing a "dream home."
While the market may be improving for those with favorable credit scores, Eliyahu notes that borrowers should still take precautions if they are planning on buying a home. "Individuals who are ready to apply for a mortgage should take care to protect their credit ratings and gain recognition as a safe borrow. For example, applicants will want to avoid making major purchases--such as a car--and opening new credit card accounts in the time leading up to their home loan request," Eliyahu comments.
Although the language of the Wall Street Journal suggests that those with poor credit scores may still face trouble when applying for home loans, Eliyahu notes that there are still many other opportunities. For instance, Yoram Eliyahu, notes that the FHA loan continues to provide a considerable option for those who want to put down a small down payment at a low rate, while still having mediocre to poor credit.
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Source:
Yoram Eliyahu Encourages Real Estate Purchases as Lenders Ease Standards
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