Credit Scores Make or Break Your Mortgage

I often tell my buyers the hardest part of buying real estate today is getting through the loan process.  Your credit score, assets and debt to income ratio are more important than ever.  As anyone can tell you that's purchased recently, it's almost like being reviewed for a CIA job.  You must be able to provide extensive documentation for every iota of your finances.  If you receive a "gift" to help you with the down payment, the person giving you the "gift" will have to write a letter and provide account documentation to the lender.  Perhaps this is the way lenders did business before the financial crisis.  Since I started in the real estate field in 2005, these practices are a major shift from the way business was conducted.

In today's Washington Post, there's a great article that focuses on how lenders have changed their practices in light of the financial crisis.  As the economy and the real estate industry continues to evolve and heal, it's imperative that buyers and sellers keep up with the constant revisions in the lending world.  Otherwise, your real estate transaction is going to be a bumpy ride.  

On a less serious note, Happy Halloween!!!  My "guidette" costume was a success and I had a ball at a Halloween party last night.  Unfortunately, no one had a camera so it wasn't recorded for posterity.


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