Raleigh â€“ They bought a home in 2002 with nothing but a good credit score and their word as to how much they made.Â Can they today?Â They thought so.Â Surprise.
Umberto and his wife Taylor owned their own business.Â They were doing well and wanted to move up.Â They found the home they wanted without worrying about the mortgage.Â Thatâ€™ll be easy.
They signed a contract to buy the house with a healthy down payment. Â Next was application for a mortgage.Â Their FICO credit score was over 700 â€“ so far so good.Â The first shock was learning that the loan officer wouldnâ€™t accept their word as to income.
They felt the loan officer was to blame, so they went elsewhere.Â It happened again.Â Theyâ€™d heard credit had tightened due to the real estate bubble bursting, but that would affect them.Â People with low scores should worry â€“ not them.
Now they knew the game had changed.Â They were achievers so all they had to do was learn the new rules and theyâ€™d be fine.Â The new rules overwhelmed them.Â The loan officer kept asking for documentation of this and documentation of that.Â When would it end?
A.Â FICO credit score requirements have NOT changed drastically.Â Roughly, a 640 FICO score will be enough.
B.Â A satisfactory FICO score is not the game; itâ€™s a ticket into the game.Â Once in, the game begins.
C.Â The new game is â€˜Documentationâ€™ which means you must be prepared to prove everything at least once â€“ even who you are.
You can rant and rave that the new game is a pain in the a** and fight it all the way.Â Thatâ€™s your right.Â Itâ€™s also very stressful for everybody involved.
An option could be to approach the game with your normal positive attitude and willingly provide all documents in record.Â Less stressful on everybody.
Whatâ€™s not an option?Â The documents needed for approval.Â The road to approval can be fought all the way or attacked with zest.Â Either way, documentation must be provided.
One last thought:Â Donâ€™t kill the messenger. This is critical since Iâ€™m the messenger.
Manager & Award-Winning Loan Officer
Originally published: http://raleighmortgagegals.com
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