It is becoming easier for Lehigh Valley home buyers to get a mortgage loan, as the banks are easing up on the rules just slightly. Overall, our area is experiencing a recovery in the housing market and this is another sign of that. This is encouraging news for potential home buyers that have good credit and are ready to make a move!
According to the most recent quarterly survey by FICO and risk management association PRMIA, nearly 20 percent of bank risk professionals anticipate the criteria for approving loans to become more relaxed. While 20 percent may sound like a low number, it is a sign that things are improving and buyers that could not purchase before may be able to now or soon.
In the first quarter of 2013, almost 10 percent of banks (overall, not all in the Lehigh Valley) have already lessened the rules for loaning low-risk mortgages, according to the Federal Reserve’s most recent survey of senior loan officers.
All of that being said, banks will continue to be wary of lending to buyers with weaker credit scores, as what we’re experiencing in the Lehigh Valley housing market is a gradual improvement. In order to be in the best possible position as a home buyer, you may need to improve your credit score.
Each and every person is entitled to view their credit report once a year, for FREE. Visit annualcreditreport.com once a year to not only view, but print and keep your credit report. The website gives a report from each of Equifax, Experian, and TransUnion. This is a great way to look at all of your credit history and be able to make changes if needed. Always check for errors, as it does happen quite frequently. You wouldn’t want any surprises when it comes time to get pre-approved for your mortgage!
Again, I’m happy to report another sign of our area’s improving real estate market!
What is the biggest challenge you think you have to overcome in order to buy a home?
Contact me, Barb Bottitta, for any and all of your Lehigh Valley area questions, as well as real estate needs, as I am always happy to help in any way that I can! You can also connect with me on my Facebook Page for events and happenings in the Lehigh Valley area, as well as home ownership tips, real estate market updates, and so much more!
There are many great Lehigh Valley area homes for sale. Click here to perform full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market. You may also call me at (610) 398-8408 for a FREE home buying or selling consultation to answer any of your real estate questions.
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