Even credit-worthy borrowers struggle to get a mortgage

Let’s say you’re a freelance sound engineer, general contractor, or computer programmer, with good credit and a decent annual income-even. mortgage industry," says Michael Slavin, Privlo’s founder..

Many would-be buyers struggle with affordability. After the housing crisis, lawmakers required mortgage lenders to assess borrowers’ ability to repay. The regulatory changes made it harder to get a.

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It made the mortgage process kind of enjoyable." Kapfidze said the key is helping borrowers get to a point where they feel that. technology companies offering mortgages online charge creditworthy.

Here are four types of homebuyers that struggle to get a mortgage, despite being creditworthy: Self-Employed Buyers. According to a recent report from Freshbooks, there will be a whopping 42 million Americans self-employed by 2020. There’s a common misconception that being self-employed means having no income stability.

 · Two major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan. The changes will also add more risk to the mortgage.

Credit Scores Below 600 Can Get a Mortgage A bankruptcy stays on your credit report for 10 years, and can make it difficult to get credit, buy another home, get life insurance, or sometimes, get a job. Still, it is a legal procedure that can offer a fresh start for people who can’t satisfy their debts.

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Borrowers may find that, the larger their down payment, the easier it is for them to get a mortgage. A larger contribution reduces the amount that needs to be borrowed and decreases the borrower’s chance of default, all of which looks more desirable in the eyes of the lenders. "The more you put down, the stronger your file is," says Merkerson.

 · Congress requires prospective borrowers to go through counseling, but the CFPB notes that some counseling agencies only get paid if a mortgage is.

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 · Two major lending changes mean it’s suddenly easier to get a mortgage. Two major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan. The changes will also add more risk to the mortgage market. First, the nation’s three major credit rating agencies, Equifax,