The lenders have started to point out that 1 in 3 consumers has a credit score below 650, the previous threshold to home ownership, and this market is currently being ‘underserved’. Latest market data suggests the move is already in progress. When looking at average minimums the average for the last three months of 2013 was 571 down from the 599 of one year prior. So what does it mean to you, the home buyer?
As a home buyer of course you want your credit to be in the best shape possible. For some, despite two plus years of paying on time and keeping credit in check there are challenges from the past that haunt the FICO score. What this news means to you is that the haunted credit score, which is more a snapshot in time (a bad time) rather than a true reflection of your credit worthiness, will no longer be an immediate barrier to homeownership in 2014.
In a recent article two lenders, in particular were mentioned, and as with most things in this industry others will begin to follow suit..Those mentioned this week were Carrington Mortgage Services LLC and Wells Fargo. As with all things financial please shop around, do your homework and find the solution that makes the best financial sense for your personal situation.
Happy shopping- Selling/Buying/Investing- You owe it to yourself to call Dawn McNary, REALTOR® , with Heritage Properties spc Today! Let me help you ‘Make YOUR home ownership dreams a reality!’
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