Do you have an inherited estate or rental property that you have been holding on to and planned to sell when the time is right? Now might be the time!
In some cases, lenders are raising FICO scores to get a loan, raising down payment requirements, or requiring proof of employment just minutes before signing closing documents.
For example, last month JPMorgan Chase announced it was increasing its minimum lending standards to require nearly all borrowers to have a down payment of at least 20 % to receive a home loan. Beyond that, Chase also raised its minimum FICO credit score to 700 on purchase mortgages.
If a borrower couldn’t provide a 20% down payment and a FICO score of 700 or above they would be unlikely to get approved for a home loan. Chase said the new lending standards also applied to refinances on non-Chase mortgages.
United Wholesale Mortgage, the second-biggest mortgage lender in the U.S., said it would now require re-verification of a borrower’s employment on the day their loan closes — a move intended to ensure the borrower had not been laid off in the interim.
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