Credit Requirements For Home Loan Now Tougher
A Jonesboro loan officer said regulations for home buying have since changed. Credit scores now need to be higher to make larger purchases.
“The tough situation that we’re running into is that they’ve raised the credit score guidelines where you used to could have low 600 credit score where now it’s mid 700’s or you’re going to have a tough time getting a mortgage loan,” said Bandi. “Where we used to could see a moderate credit score, now you have to have a great credit score and great people are having a hard time getting loans, even with great scores because of the guidelines.”
Wilcox said the Jonesboro area has been in an economic advantage over the last few years.
“Across the country, there are 4 big markets that crashed hard, and everybody has kind of related that back to us and we have in the last year felt a slow down, but we haven’t felt it like everywhere else has,” said Wilcox.
When asked if the housing market could fall again, Bandi said as long as lenders make responsible decision, then the market should remain stabilized.
“A year ago, you could be self employed and as long as you got a great credit score, you could get a loan and now that’s not the case. I mean now even with a great credit score, you have to have a great job, a two year history as far as your job goes and there are just a lot of new requirements and it’s gotten a lot tougher,” said Bandi.
Source: KAIT 8, Jonesboro AR
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