Bankers Confident Lending Getting Easier


by : Staff

The slow but sure housing turnaround is really finding some momentum. The most exciting markets to be involved in are those that keep producing good news. To go along with rising values, and historically low interest rates, a new survey of mortgage bankers indicates that guidelines are going to relax and allow more people into the marketplace.

The banks have been riding waves of refinances for years, and most recently purchases, but it has still been somewhat difficult to get a loan. Due to pressure from the public, and Washington DC,  nearly two times as many mortgage bankers now say they see easier guidelines on lending coming soon compared with the same group surveyed last year. As the economy improves, there are concerns that interest rates will rise making it less attractive to jump into the housing market. That notion is going to help to relax guidelines, and allow more people into the market. Bad credit home loans will be easier to acquire.

Who benefits from this?

The first time home buyer, and the person who has not qualified in the past due to credit scores or other issues are the big winners here. Thousands of people who are right on the edge of qualifying, or even just off the edge will be able to buy homes. The two places where concessions will come is in down payment requirements and credit score minimums. With greater allowances in these areas coming, the floodgates will be opened for this group.

Find out where you stand today, get in now, or establish a plan for the coming wave.