It's Getting Harder to Qualify for a Mortgage COVID-19 has reduced the number of homes for sale. While interest rates are the lowest in 50 years, trying to get a mortgage is getting harder.
Lenders are increasing the FICO scores required and the down payment amount expected to get a loan.
As found in the mba.org link below:
"Mortgage credit supply dropped again in June, as investors further reduced their willingness to purchase jumbo loans and those with lower credit scores. Lenders are navigating a gradual economic and housing market recovery that is still facing headwinds from the ongoing COVID-19 pandemic," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "The overall credit availability index decreased 3.3 percent to its lowest level since April 2014, with all of the sub-indexes falling to lows not seen since 2014-2015."
Added Kan, "Credit supply has fallen over 30 percent since February - before the pandemic - with an 18 percent decrease in government loan availability, and a 57 percent drop in jumbo loan availability."
Mortgage Credit Availability Index
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