How tight are lending standards getting for a home mortgage?
by Mortgage Rates on Tuesday, October 26th, 2010 | 6 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
documents are normal, the failure is that your Realtor and your loan officer did not prep you up front for what might be needed. They are fulling establishing that you are creditworthy.
This is a by product of the recent issues with bad mortgages in 2005-2007. Everyone wants paper, paper, paper proof.
in 1970, when my mom applied for a loan as a divorced mom, they asked for proof that she had undergone a hysterectomy. They where afraid that she might get knocked up with a baby and thereby default on the mortgage.
She had to provide a copy of the hospital bill when they removed her uterus!
We went through a lot in 2005 and it was three incomes involved. I would ask the lender how much more proof is needed. How is you credit score? That usually needs to be good – I would ask do you need to seek another bank or credit union for a mortgage. That may get the ball rolling. I wish you all the luck and I hope you get a beautiful home. Good Luck.
I’d say so…
I know that it seems frustrating but look towards the final picture….owning your very own first home. You can also try asking them what else you would need to give to them or sit down and think together of what has not been requested so that you can put it in a folder to give if it is later requested. Hope this helps and good luck.
okay we just bought a home. my husband has worked at his job for 15 years. makes over $100,000/ year, our debt to income ratio is 25/75. credit scores are 756 and 770. we had to go through 3 different lenders to finally get approved! ridiculous!!!
Those are all standard requirements but your mortgage broker should have told you that up front not ask for it piece by piece. I’m sorry for your frustration.