May 25th, 2011 5:29 AM by Susan E. M. Parvis
There seems to be a little bit of good news in the world of mortgages. Some lenders I work with have lowered their credit score requirement down to 600. I can finance single wide mobile homes again, and the down payment on a 2nd home went from 20% down to 10%. This is the first time in about 2 years that I have seen guidelines loosen up. And interest rates on a 30 year fixed rate mortgage have dipped down into the mid 4's.
All the predictions I have been reading say that 2011 is going to be a slow year but 2012 will see a substantial increase. The MBA (Mortgage Bankers Association) recently revised their 2011 and 2012 purchase forecasts to be $488 billion and $775 billion, respectively.