Lender Credit Requirements
If you have been reading my weekly local real estate column or my daily blog, "Keep it Real in Sacramento," you know I have been complaining lenders and saying until they relax the incredibly high standards they have set, we will not see a full housing recovery.
A recent report by Moody's promises improvements this year but makes a point, lending will remain tight by historical standards.
Restrictive underwriting conditions have been one of the main obstacles in the housing recovery. But the credit agency says that those conditions started to ease this year and likely will continue.
One of the driving elements of easing underwriting conditions is the rising home prices which give lenders more comfort in the value of their collateral. In addition we are seeing mortgage delinquencies decline.
The Moody's report goes on to say, "Being right-side up on the mortgage improves a borrower's credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying."
If lenders work as hard to make loans as the did to decline them over the past few years, combined with low interest rates and rising prices, more families will be able to qualify for a mortgage. "Greater credit availability will help drive stronger home sales and stronger price appreciation and help keep the housing market and the larger economy on an upward path."
If you or someone you know is considering buying a home, a key element is the process is getting pre-qualified for a mortgage. Knowing you are qualified and understanding your price range will improve your house hunting experience as well as buying the home. If you have questions or need a referral to a good lender, give me a call at the MagnumOne Realty office in Roseville (916-899-6571) or send me an email to firstname.lastname@example.org
Print This Article
Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.
Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento
Placer County News Headlines$7 Billion Water Bond Supported by Sacramento SupervisorsDrought Watch: AB 1471, the legislation placing the water bond on the ballot, asks voters to approve $7.12 billion for projects which will build new water storage facilities, invests in safe drinking water
Gas Prices Under $3 Gallon Coming Soon?Average retail gasoline prices in Sacramento have fallen 3.4 cents per gallon in the past week, averaging $3.79/g yesterday, according to GasBuddy's daily survey
Carbon Pollution Limits Can Help Save Lives and Improve HealthFew things are more frightening for a parent than racing to the hospital with a child who can't breathe.
Sierra College Football Hosts 2014 Meet The Wolverines Rocklin, CA -Amid high expectations, the 2014 Sierra College football season kicks off with the annual "Meet the Wolverines" controlled scrimmage and fan-fest Saturday, Aug. 23
Roseville California Crime Brief (8.19.14)Roseville, CA-- The Roseville Police Department Crime Brief Report for August 19, 2014.
Could Be Easier For Renters To BuyRealtor, Julie Jalone of MagnumOne Realty in Roseville, writes about a recent article which advocates adding rental payments to credit scores to help renters qualify for a mortgage.
Faith Plays Big Role with MomEvery now and then, a person featured here attributes faith as pivotal in their being able to cope with disability-one in themselves or family members.
Feed My Starving Children MobilePack Returning to RocklinROCKLIN-For the fifth year, hundreds of volunteers from the community will gather to pack meals for malnourished children around the world.
35 Year Old Woman Captured by Roseville Police After PursuitDetectives are actively looking for the male suspect, Shane Schmidt, 39, who is on probation out of Turlock.
Sammy Hagar Concert in Roseville September 13thRock and Roll Hall of Famer Sammy Hagar will celebrate the reopening of Sammy's Island Bar & Grill in Roseville, Calif., with a special concert event on Saturday, September 13th.
Hyundai Equus: An Affordable Luxury SedanAlthough not on the Hyundai payroll, sometimes it feels like I should be because I'm often defending the South Korean auto manufacturer for its past transgressions
23 Year Old Roseville Man Killed in Motorcycle CollisionA 23 year old Roseville man and 29 year old Rio Linda man were killed after their motorcycles crashed into a Jeep Cherokee at high rate of speed.