There’s no doubt you’re going to see a flood of different articles saying conflicting things about lenders changing their loan guidelines. Here’s what you need to keep in mind.
Lots of things are uncertain amid this COVID-19 outbreak, but there is still plenty that we do know, so the aim of today’s message is to separate fact from fiction. JP Morgan Chase recently proposed changing their loan guidelines to include a requirement of 20% down and a minimum FICO score of 700, which would greatly shrink the buyer pool. It’s important to note that not all banks are changing their guidelines—this is by no means a new Fannie Mae and Freddie Mac guideline, at least not yet. Simply put, don’t buy into the doom and gloom narrative. Last week alone, my team put three properties under contract! To hear why it’s important to keep the proper perspective in these times, watch my latest video above.