FEATURED COVER STORY
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Buying Real Estate Covid-19 Edition
aws buzzing, builders building, offers flying, buyers
the virus may no longer be offered. Rodney Long at First
buying…2020 spring real estate is in the air! Not this
Bank in Ringgold gives us this guidance. “The mortgage
year.
credit supply dropped to the lowest point in five years
National, state, and local shutdowns have changed most
according to MBA’s Mortgage Credit Availability Index.
all aspects of our daily lives and how we conduct business.
MGA Associate Vice President Joel Kan Said, ‘Lenders are
Working from home and social distancing may become
making credit criteria changes to account for the increased
more of the norm even after the official quarantines end.
likelihood of forbearance and defaults, as well as higher
Our family of agents are here to help.
costs.’ Higher credit score requirements are one example of
For those of you looking to buy a home, the first thing to do is refresh your information with your lender, and yes, you can still watch NetFlix and do it from your phone. Interest rates are still at historic lows, however, over the past month and a half, the lenders have begun tightening requirements. Where before you may have qualified with a 580 credit rating, you could be required to have a 620 or much higher and certain loan programs available before
22 // May 2020
stricter standards being put in place.”
Buying Virtually Once you’ve gotten your loan program selected and are reassured that you can obtain any necessary financing, it's time to start looking for your next home! You will begin crafting your home buying plan with your agent by reviewing all your required, desired, and wished for features of your new home. You will use your personal
