As banks nationwide adopt more stringent guidelines, there’s no reason to panic. There is, however, cause to be more careful.
One of our local mortgage bankers confirmed that there’s going to be an increase in the required credit score to qualify for a mortgage—632 will jump to 680. Some banks have even moved their requirement to 700. There’s never been a more critical time to guard your credit and resolve any issues. If you don’t know where you stand, take the time to check; are you noticing any erroneous things in your credit history?
Speaking of credit cautiousness, I want to discuss mortgage forbearance. Under the CARES Act, mortgage companies are allowing you to forego payments for a certain period, but you must be in close contact with your servicer and understand exactly what their guidelines are. To hear my full message, watch this short video above.