A number of articles of late have alluded to changes that may be happening in the mortgage industry. These possible changes include mortgage products becoming more available and more creating programs being available. Changes to the lending requirements could include lower FICO scores as well as creative programs for individuals who lost their home to foreclosure or short sale during the real estate crash. This will allow more borrowers to obtain loans.
This is great news for previous homeowners who needed to rent in recent years because they lost their home…and it spells opportunity in the months to come for many other home buyers!
Keep a look out for these creative new programs coming our way in 2013!