Delaware Sub-Prime Mortgage Lenders Closing Doors
Delaware Sub-Prime Mortgage Lenders Closing Doors
Delaware Sub-Prime Mortgage Lenders as well as national sub prime mortgage 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 Monday and left some borrowers without Delaware mortgage loans and funds. The next mortgage lender on the chopping block is New Century. New Century has suspended all new mortgage loan submissions while it tries to secure financing to support new lending activity. New Century maybe the next mortgage lender to close its door if it can’t improve its financial situation.
This is changing the guidelines for sub-prime mortgage 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 mortgage 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 history before obtaining a Delaware 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 mortgage credit report, please feel free to contact me. You can call me at 302-703-0727.
If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. Thomas at 302-703-0727
John R. Thomas – NMLS# 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713
