Five to 10 years ago, lenders passed out mortgages as eagerly as parents hiding Easter eggs for the first time.
“Money was free. Anybody could play,” said Van Rose, president of Rose & Womble Realty Co.’s new-homes division. “You needed no credit. You needed no breath.”
Mortgage applications? “You could write one from the grave and get it approved,” he said.
Hyperbole, sure, but sowed with a grain of truth. It was a different time.
Now, several years after the housing bubble burst, the pendulum has made a full swing. Lenders say their customers are often caught off guard by a mortgage application process made more rigorous by federal regulations.
Here are some of the hoops you have to jump through before you get the golden egg, er, mortgage – and offer some suggestions that might improve your chances.
HOOP #1: DOWN PAYMENT]
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