Credit Requirements Loosening, Mortgages Becoming Easier to Obtain


Potential homebuyers are finally finding it easier to obtain a mortgage after years of needing to have nearly pristine credit.

The initial crackdown came in the wake of the housing market crash, as lenders were hit with lawsuits and faced buybacks, and therefore tightened the belt on whom they lent money to.

Now, however, that is all changing.

“Now that we know more of the rules than we did in the past, you’re seeing credit widening to a wider spectrum,” Greg Gwizdz, executive vice president at Wells Fargo Mortgage, told CNBC.

Image via flickr/401(K) 2012

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