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You Don’t Need a Perfect Credit Score

November 1, 2013

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As mortgage rates creep up, refinancing transactions are dwindling, so lenders are looking to boost mortgage demands elsewhere, particularly with purchases transactions. Lenders are relaxing their credit expectations for borrowers in hopes to draw more consumers that were previously shut out of the housing market. Even FHA loans, which have had lower credit score requirements than other loan programs, are showing even more lenient credit requirements as of late.

Because these consumers are higher risk borrowers, they should expect higher interest rates or increased upfront costs. Of course, borrowers with less-than-perfect credit scores should first attempt to raise their credit score before proceeding with a mortgage transaction in order to save themselves as much as possible. PMC Can Help walk you through the credit repair process as well! Give us a call today at 800-385-3657!

Source: ‘Banks Relax Mortgage Requirements’ by AnnaMaria Andriotis, MarketWatch.com

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