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Not getting a Pre-Qual done in today's world is just plain risky. Too many problems. In the future more constraints will be placed on the lender to provide a more concise Pre-Approval letters.
As it has been mentioned, there has definitely been a lot of easing with the conforming guidelines. I have also noticed a lot of local banks across the country are opening up a lot of non-QM loans (non-traditional credit, low down payment, etc.)
It has gotten somewhat easier, but still no walk in the park, by any means.
Things are far easier than even just a year ago. Guidelines have loosened, new programs have become available, and if you've got semi-decent credit and 3% down (in most cases), a home loan can be yours.
the banks have loosened up significantly, but I hope we don't see another administration with the attitude that everyone should be a homeowner....
Good morning Peter. There has been easing of some guidelines and there will be more. More non-QM products available all better for the consumer.