Buying on Mt. Hood? Know your credit score limits
Wednesday, March 25, 2009
Every day is an education day in the tightening world of mortgages and credit. Today we were notified that if you do not have a credit score of at least 620 you will not be able to get a loan anywhere. So, homebuyers for Government Camp, Welches, Brightwood, and Rhododendron....know your credit scores!
Also, if you are looking for a cash out refi on a non owner occupied property, in other words a second home or investment property, lenders will probably only give you maximum 65% of the appraised value of the home.
If you have an FHA loan, the maximum cash out refinance amount you will receive is 80% of value.
The box just got smaller for credit.