How tough is it to get a cheap Home Loan in Sonoma County?
All banks have tightened up their credit requirements for getting a loan. The mortgage market seems to get tighter each day with some of the underwriting rules making sense and some not. It seems these days that you have to work very closely with the lenders issues more than the buyers.
So here is my list of what I think you should keep in mind before you apply for that loan:
You must have good credit. Your credit score must be over 700!
You must have consistent income and proof of that income.
You must not lie (even a little) on your application.
Self Employed will need to have unquestionable proof of income.
You must have some form of reserves (liquidity) to show you can save money.
Let me know if I can recommend a good credit repair specialist or lender to help you qualify for your home purchase loan with as few snags as possible. Prices are low and rates are at an all time low and there could not be a better time for you to get into a home or investment property.