One of the biggest hurdles in the home buying process is the mortgage commitment. Both established homeowners and first time buyers are having difficulty getting the mortgage in order before closing on the home. MSN outlines 6 new hurdles for home financing.
1. Higher credit score requirements
2. Greater scrutiny of income and assets
3. Ever-changing borrower requirements
4. Home appraisals are coming in low
5. Fewer opportunities for small business owners and independent contractors
6. Condo purchases face additional tests
These problems seem to be confounded when a buyer is trying to use an internet lending company or out of state company. Sellers are actually rejecting offers with buyers pre approved through an internet lender because of concern the deal will not close. There is a lot of value of knowing the loan officer and being able to get in touch with him/her easily.
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