A lot of customers and people in general I have spoken with lately have some impressions of the current mortgage market. Many of the impressions are based on newspaper articles or TV news. The facts are it is not that difficult to get a mortgage if you work with an experienced professional and have average credit. The problem for many people is that they do not have equity and some have limited equity and poor credit. That is not a good combination for underwriting a mortgage. Many people I have spoken with feel you need 20% down to buy. You do not. Loans are available with 3% down. To get approved for a mortgage try to have savings in a retirement plan or bank account, have 12 months of timely rent or mortgage payments and no collections other than medical. It really is that simple.
People who bought at the top of the market in the last 1-4 years with little or nothing down have a hard time selling or refinancing because as appreciation has slowed they are unable to sell and pay a commission to a realtor. We are closing loans every day. The government is not going to knock on your door and help you. You need to help yourself.
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