Is the Corona Virus Causing mortgage lenders to be more flexible?

[Debora Docarmo]

Hi guys! I'm a super newbie in real estate investing, haven't invested in one property actually. I've been studying real estate on my own for about a year now and I know how difficult it can be to get approved by a mortgage lender. I've been interested in house hacking for as long as I can remember. 

I'm 22 years old, have a credit score of 620, and will have a co-signer with solid income and 700+ credit score, I have a shaky work history though. I've had 2 different jobs last year, and one solid job for 3 years before that. I'm going to use a FHA loan so I can take advantage of 3.5% down payment. But I was wondering due to the circumstances with fewer people buying houses, if lenders are being more flexible when it comes to pay stubs and job requirements?

 I have one friend I know personally who is 21 years old who was looking for a place to stay last week, purchase a home yesterday haha! I know it's something you have to prepare for, especially in Massachusetts so this made me curious of the flexibility right now.

AND FOR THOSE WHO CHOSE TO READ THIS AND RESPOND THANK YOU FOR YOUR TIME!!! VERY MUCH APPRECIATED.
 

[Jonathan Bombaci]

Commercial and portfolio lending tightened up a lot during covid. it’s starting to open back up a little. We can find lenders for our clients but we lost a lot of leverage when it comes to negotiating terms and exceptions.

On the residential side conventional and jumbo loans still have some funding issues but FHA is alive and well. It overnight became the best most reliable product and some lenders are still able to issue fha loans at 620+ credit scores.

Since you're looking to househack I'd say talk to a lender about the FHA loan, it's still pretty easy to qualify for that product. I think you'll be surprised just how easy.

Let me know if you have any questions or if you’d like me to introduce you to an investor friendly fha lender. 

Best,

Jon