{"id":2922,"date":"2012-05-23T11:59:18","date_gmt":"2012-05-23T11:59:18","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=2922"},"modified":"2012-05-23T11:59:18","modified_gmt":"2012-05-23T11:59:18","slug":"take-get-loan-today-lot","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/take-get-loan-today-lot\/","title":{"rendered":"What Does It Take to Get a Loan Today? A Lot!"},"content":{"rendered":"

What Does It Take to Get a Loan Today? A Lot!<\/h2>\n
\"What<\/a>

What Does It Take to Get a Loan Today? A Lot!<\/p><\/div>\n

One of the biggest obstacles home buyers are facing is qualifying for financing, and a new report by the Federal Reserve shows exactly how big of struggle potential borrowers face.<\/p>\n

According to a new Federal Reserve report\u00a0surveying banks, the report found that most banks say they are a lot less likely to issue a mortgage to borrowers with a FICO credit of 620 and a 10 percent down payment than they were in 2006 during the housing boom.<\/p>\n

\u201cA moderate net fraction of banks were less likely to originate loans to borrowers with a FICO score of 680, regardless of down payment size,\u201d the report also said. \u201cA modest net fraction of banks were less likely to originate loans to borrowers with a FICO score of 720 and a 10 percent down payment, although survey respondents indicated that they were about as likely to originate loans now as they were in 2006 if such borrowers had a down payment of 20 percent.\u201d<\/p>\n

So while mortgage rates continue to sink to new record lows, many home buyers are finding they can\u2019t always qualify for the low rates.<\/p>\n

As a recent New York Times article about the Federal Reserve\u2019s report illustrates: \u201cA borrower with a credit score of 720 can expect a rate of 3.70 percent on a 30-year, $300,000 fixed-rate mortgage … while someone with a score of 620 to 639 can expect a 5.07 percent rate \u2014 or an extra $242 per monthly payment.\u201d<\/p>\n

Source: \u201cHow to Pump Up Your Credit Score,\u201d The New York Times (May 17, 2012)<\/em> & realtormag.realtor.org<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

What Does It Take to Get a Loan Today? A Lot! One of the biggest obstacles home buyers are facing is qualifying for financing, and a new report by the Federal Reserve shows exactly how big of struggle potential borrowers face. According to a new Federal Reserve report\u00a0surveying banks, the report found that most banks … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-2922","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nWhat Does It Take to Get a Loan Today? A Lot! - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"What Does It Take to Get a Loan Today? 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