Credit Standards Tighten In March

The standards lenders use to evaluate whether or not a borrower is qualified for a mortgage aren’t fixed. Sometimes it’s easier to get a loan and other times you’re going to need a higher credit score and steadier income. The Mortgage Bankers Association measures where standards are with their monthly Mortgage Credit Availability Index. Any increase in the index indicates credit standards are loosening while declines mean they’re tightening. According to the most recent release, availability tightened in March. This, however, is to be expected, as the impact of the coronavirus has led to uncertainty in the economy. And naturally, during economic uncertainty, lenders will become more conservative and take on fewer risks. “Mortgage credit supply decreased 16 percent in March to the lowest level since June 2015, with declines in availability across all loan types,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said. “There was a reduction in the availability of loans with lower credit scores and higher LTV ratios, and the largest pullback came from the jumbo and non-QM space.” In short, prospective buyers should be prepared and have their finances in order, if they want to give themselves the best chance to qualify for a loan. (source)

About the Author
eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings (NASDAQ: EXPI).

Bobby is a U. S. Marine Corps Veteran and Florida native with over 17 years of combined, award-winning experience in Real Estate and Mortgage Lending in Central Florida. An eXp ICON AGENT and Certified Mentor. Formerly with RE/MAX where he was recognized as a Hall of Fame Member and a consistent Platinum Club Award Winner. Locally, a multi-year Gold-Level Award Top Producer within the Orlando Regional Realtors Association (ORRA). His consistent productivity has earned him universal recognition, named as a Top agent in numerous publications, year after year including being voted a Best of Southwest Orlando Realtor 6 years in a row!

Bobby holds a Florida Real Estate Broker’s License with designations as a Graduate, REALTOR Institute (GRI); Accredited Buyer Representative (ABR); Certified Short Sale Professional (CSP); a Florida Military Specialist (FMS) and one of the few Real Estate Collaboration Specialists – Divorce (RCS-D) in Central Florida. These advanced designations denote expertise in financial, market, and investment analysis, in addition to negotiation. As such, he is considered an ‘expert’ in his field with experience in court testimony.

Personally:

Bobby is also a dedicated member of his community and has served on numerous local Boards of Directors. He is a youth sports coach and a Partner in Education with Orange County Schools. Thus, Bobby was voted a 2015 ORRA Good Neighbor Award recipient for his volunteerism and charitable contributions by his peers.

Bobby and his beautiful wife Halle have three very active children; Isabella, ‘Little’ Bobby and Alex. They stay busy as a family with sports, extra-curricular clubs and travel. However, they also give back as a family and donate to local rescues as well as providing their home to foster animals whenever possible.

One of Bobby’s greatest attributes is that time and again he has proven himself to be a selfless professional, treating each of his clients as if their property was the most important. He continues to work with his clients personally and does not differentiate between a $100K condo or a $1M house on a lake…anywhere in Central Florida, he gives each one the equal time, attention and respect that they deserve, as praised through the countless reviews written about him by former Buyers & Sellers!

Bobby Baldor has demonstrated the extensive experience and proven expertise in our local market to help you and your family achieve your real estate goals. But more importantly, he is a caring member of our community. Bobby’s personal slogan is ‘Your Real Estate Hero’ …and he works hard to prove it.