NEW YORK (CNNMoney) — Getting a mortgage can be tough these days — even people with near-perfect credit have been rejected for loans. But for some lucky borrowers, things aren’t as bad as the doom-and-gloom crowd says.
At a recent press conference, Federal Reserve Chairman Ben Bernanke said lending standards for mortgages have tightened so considerably that “the bottom third of people who might have qualified for a prime mortgage in terms of, say, FICO scores a few years ago — cannot qualify today.”
To Increase the odds of landing a loan Most homeowners are turning to Federal Housing Administration for help. The FHA is very easy and if you have a good mortgage broker to help you get the right loan for you. Standards for these loans are issued by regular mortgage lenders and are flexible and aimed at making borrowing easier for working-class people. Searching for a loan to get pre-approved is one of the most important things before going shopping. Contact us if you would like to speak to a professional about your options 206-334-8773.
Posted via Seattle Real Estate-Seattle Homes For Sale
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