Delaware Mortgage Loans

The Delaware Sub-Prime Lenders as well as national sub pime lenders are experiencing extreme financial hardship forcing some companies to close their doors for good.  Fremont Investment & Loans has suddenly and without warning closed its doors on Monady and left some borrowers without loans and funds.  The next lender on the chopping block is New Century.  New Century has suspended all new loan submissions while it trys to secure financing to support new lending activity.  New Century maybe the next lender to close its door if it can’t improve its financial situation.

This is changing the guidelines for sub-prime lending.  No longer will borrowers with credit scores under 600 be able to secure 100% financing.  Guidelines will also be changing for stated income borrowers.  Most lenders are now requiring borrowers to have a minimum credit score of 640 to go stated income rather than verify with pay stubs and tax returns.

Prospective home buyers are going to need to focus on cleaning up and restoring their credit before obtaining a home loan as the mortgage market raises its requirements to qualify for a home loan.  For a free credit scoring audio CD and a complimentary copy of your credit report, please feel free to contact me.  You can e-mail me at jthomas@balancegroup.net or call me at 302-368-7132.