If you wish to buy a home but consider yourself incapable of getting credit, you may be living in the past in terms of assessing your financial situation. Lenders have become more flexible in underwriting mortgage loans.

A recent survey of mortgage lenders revealed some interesting trends. Ninety-six percent of those surveyed had cut their standard down payment requirements for moderate-income buyers, and 93% said they are more lenient regarding debt-to-income-ratios. Ninety-four percent of those surveyed said they now have more flexible approaches to credit histories, and look at rent and utility payments more than credit cards. Seventy-nine percent of lenders say they have relaxed employment criteria. They now look more at your capacity to generate a stable flow of income rather than requiring a long history at one job.

There are more lenders today, and they are in fierce competition with each other. The home loan industry has created entire markets that cater to those with less-than-perfect credit.

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Michelle Koch
RE/MAX Associates
6629 S 1300 East
Salt Lake City, UT 84121
Phone: 801-365-3311
Fax: 801-567-4791
Email: Michelle@MichelleKoch.com

Prior to my real estate career I was working in the Hospitality Industry for 15 years specializing in Luxury 5 Star Hotels. That management foundation has provided me with the necessary background to service my Real Estate clients with excellence and dedication. My husband, Rob Davis, joined me in real estate in 2002 and together we have a very successful real estate company and are proud to work for RE/MAX Associates.

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