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Is getting approved for a Mortgage easier now?


Let’s take a moment to talk about “The American Dream”.  The loving spouse, beautiful children, the family pet, and that white picket fence everyone talks   about. The white picket fence that is placed around THE HOME THAT YOU OWN.  

But, I think we can all agree that becoming a home owner is no easy task, and most are in the    renting loop.

 Pre-housing crisis, it was easy to become a home owner and buyers could get a mortgage  without worry. Post-housing crisis, approvals were near impossible. The rules were the  strictest they have ever been because banks were raising their credit standards.

During the crisis period, in my territory (Florida) homes for sale in the Fort Lauderdale area could stay in the market for almost a year, waiting for a lucky buyer who could pass the scrutiny of the banks.

Did you know, in 2011, it took an average credit score of 750 to get approved for a mortgage?! Let’s be honest; how many people do you know with a credit score near what it would take to get approved? That’s why 1.2 million loans got denied; the standard was just too high.


Florida has the highest foreclosure rate:

- Filings: 1 in every 400 homes

- Change in filings from last month: Up 17.23 percent

Read more:


It’s possible the banks’ actions protected them from losing profits due to these statistics of foreclosure and short sales, but could it have prevented the market from making a full recovery?


Banks and Lenders refocused their approach. It was short lived due to the increase in rates over the past year, and banks refocused again back to the housing market. The goal was to increase demand for mortgages, and lenders made it easier for some buyers to borrow money.

For example:

Wells Fargo decided to lower their minimum credit score from 660 to 620. But their are extra conditions that come with the cut. There has to be a way to prove that you make a steady income and that you can afford to own a home. So, be prepared to have proof of income and proof of a stable employment. You will also need to be prepared to explain some of your credit history. Wells Fargo is not the only bank on the path to easier approvals. Smaller banks are also doing their part.



Credit standards are the loosest the market has seen in the last couple years and there are more options open to potential home owners. You remember that white picket fence we were talking about? It looks like you might need to be taking some measurements soon!

Happy House Hunting!


I am here to help you “Invest in Your Lifestyle”.  Please contact me if you are thinking about  buying or selling a home in South East Florida.

At Florida 360 Realty, our mission is to empower the buyer with a financial acquisition strategy, provide the seller with a profitable exit strategy and develop a significant capital growth strategy for the investor.”


Tom new photos  

Thomas Pidgeon,  Broker


2853 Executive Park Drive – Suite 202

Weston, FL  33331

Phone: (954) 449-2529



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