There is a question that many Connecticut homeowners are facing today in regards to qualifying for a mortgage. The big question has to do with being able to qualify for a Connecticut mortgage if you have some credit issues in your past. Based on what I am seeing I will review the issues and credit challenges that Connecticut mortgage lenders are no longer willing accept when approving a mortgage.
One of the more recent changes that we are seeing is the importance of score based mortgage lending. Prior to the credit crunch homeowners could have scores in the five hundreds range and still qualify for a fair interest rate mortgage to refinance their current mortgage as well as access some of their equity to prevent the financial disaster from happening again. However the difference that I am seeing now is that the scores are now required to be at six hundred or above to qualify for the simplest of Connecticut mortgage programs.
Another recent change is the minimization of letters of explanation. For many years we have seen underwriters ask for letters of explanation to get the details of what happened in the borrowers past credit challenges, however these days we are receiving less request for letters of explanation because Connecticut mortgage lenders are not really willing to make exceptions based on once in a lifetime events.
Now my goal is not to scare you but to provide you with some knowledge and information that will allow you to properly analyze your decision to move forward with applying for a mortgage given the current state of the mortgage industry. Before you apply for a Connecticut mortgage be sure to evaluate the statements that I am giving you above, but also be sure to do your diligent research.
If you have bad, low or no credit we are the only Connecticut Mortgage Lender that still specializes in working with helping people get approved who have low credit scores, no credit scores, bankruptcy or foreclosure.
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