Wondering what it takes to qualify for a mortgage right now?
“It is noticeably more difficult for borrowers to qualify for loans under the newly established lending standards since last year,” says Chad J. Jampedro, chief operating officer of Brookfield, Wis.-based GSF Mortgage.
Borrowers can scrape by with credit scores as low as 620, but should have compensating financial strengths in other areas.
“I have been originating residential mortgage loans since 1985. In all that time, I have never seen lending standards as high and burdensome as they exist today,” says Rich Spears, president of Prodigy Mortgage in Nyack, N.Y.
Other experts say lending standards haven’t changed much recently—or even in the last few decades.
California mortgage broker and first-time homebuyer specialist Greg Cook has been a loan originator since 1981. He says today’s conventional loan approvals aren’t much different than they were back then.
Get the details about current mortgage rates and lending standards in my latest mortgage story for Interest.com, Spring’s best mortgage rates remain near record lows.