All Things Real Estate Newspaper Issue 5 Volume 4 | Page 13

buyers
Why

Obtaining a Mortgage is

Over the past few years we have been inundated with almost solely negative news
regarding the housing and mortgage
markets. Recently, this trend has abated
as the residential real market has heated
up and more consumers are entering or
re-entering it.

realtor.com

MARKET SUMMARY

PORTLAND

However, mortgage bankers, brokers
and Realtors®consistently hear from clients about their apprehensions regarding
qualifying for financing. While the days
of irresponsible lending via programs
solely based on credit scores with little
or no attention to the ability to repay are
long gone, mortgage loans remain readily
available. Borrowers simply need to understand that lenders require complete
income and asset documentation, acceptable credit scores for the applicable program and, in some cases, reserve funds
to cover a specified period of time for the
entire mortgage obligation—principal,
interest, property tax and homeowners
insurance.

Generally, a borrower is required to provide two years of Federal Tax