After the housing bubble meltdown, lenders tightened requirements to the point where even financially stable buyers had a tough time getting financing. Today that has changed. It’s now far easier for consumers to qualify for a home mortgage loan.
Loan requirements have eased
Lenders in general have loosened up on their loan approval standards, making it easier for more people to qualify.
FHA will now accept FICO scores as low as 580, and they have also dramatically cut mortgage insurance premiums.
Down payments are lower
Previously, large down payment requirements took many potential buyers out of the housing market.
Now Fannie Mae and Freddie Mac are offering 3% down for home mortgages.
Interest rates are still at historic lows
Mortgage interest rates continue to maintain historic lows.
With rents soaring, many buyers are finding it cheaper to buy than to rent.
Home buying calculators
How much should you put down? Down Payment Calculator helps you learn how to best allocate your precious funds.
How does making extra mortgage payments payoff? Accelerated Payoff Calculator helps determine how much money you save by adding a little extra to your mortgage payment each month.