The Southern San Joaquin Valley mortgage market today is all about credit for the best, with little left over for the rest.

That’s true all across the nation today. You must have a strong credit score in order to qualify for a mortgage to finance a home. Take a look at first-quarter numbers from the Federal Reserve Bank of New York’s consumer credit panel. Some 58 percent of the $389 billion in mortgages originated went to people with a score of 760 or higher (FICO scores range from 280 to 850).

If you count by the number of loans, instead of dollars, the share was 51 percent, the New York Fed stated.

Borrowers with a score in the range of 620 to 659, which many lenders view as below-prime credit, received just 4.6 percent of the dollar volume of mortgages in the quarter. Compare that with the same quarter of 2004: The 760-or-higher group received 23 percent of the mortgages as the 620 to 659 borrowers received 9.7 percent. While surveys say credit is loosening for some types of loans, standards for home mortgage loans are still far tighter than they were before the housing crisis.

We recommend you contact a local, experienced, professional mortgage lender who can advise you and your family on your credit score and how to improve it. It is especially important that you act right away if you are planning on taking full advantage of the record low interest rates the marketplace is currently offering. Don’t put this off. Now is the time to make that call.

Jeremy Engle
Country Club Mortgage 
559.734.5000 Central Valley Phone 
805.544.2775 Central Coast
888.330.2272 fax
Phone Email: 
400 E. Main St. Suite 120 Visalia, CA 93291  
6795 N. Palm, Suite 101 Fresno CA 93711  
4211 Spring Tree Ln. Bakersfield CA 93314  
1204 Nipomo St. San Luis Obispo CA 93401   
NMLS # 293517 | DRE # 01474957
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