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Home / Blog / Headlines & News / Americans With Lower Credit Scores Are Finding It Easier To Take Out Mortgages

Americans With Lower Credit Scores Are Finding It Easier To Take Out Mortgages

April 23, 2014 By Mary Catchur

Credit Score
Photo Credit: Simon Cunningham/Flickr/CC.

Business Insider reports that Americans with lower credit scores are finding it easier to take our mortgages.

Lending standards tightened during the housing downturn. But as the housing industry continues to recover, lending standards are loosening again.

Read the article: Americans With Lower Credit Scores Are Finding It Easier To Take Out Mortgages.

First, we’re seeing lower down payments on lending: For jumbo loans (those above the conforming loan limit and that are not securitized by Fannie Mae or Freddie Mac) the downpayment is down to 10 or 15%, down from 20% a few years ago.

For conforming loans ($417,000 for single-family homes in most states), the share of loans with a downpayment under 10% hit a five-year high, according to Black Knight Financial Services.

Last week, TD Bank announced that it would take down payments as low as 3% from first-time buyers and low- and moderate-income buyers, down from 5% when the program first launched last year, report Timiraos and AnnaMaria Andriotis at The WSJ.

Second, following the housing bust, lenders had been using overlays — basically, stricter requirements — to protect themselves. But some lenders have started to ease up on these overlays. The share of FHA borrowers with credit scores below 650 rose to 20% at the end of 2013, from 15% in August.

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Filed Under: Headlines & News Tagged With: Business Insider, Lower Credit Score, Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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