Mortgage requirements are easing!

Lately mortgage investor have announced they will ease some mortgage requirements. New tougher "Qualified Mortgage" requirements and lower loan volumes are motivating the changes. Updates have to do with credit score requirements and job history. Most mortgage banks have minimal credit scores of 620-640. Some programs including FHA may consider slightly lower scores.  Those re-entering the workforce after unemployment can now show 6 months steady employment and be eligible for mortgage consideration. Usually a mortgage requires two years of  continuous employment.  There are also exceptions for starting a new job and closing before having 30 days of pay stubs. The employment for all exceptions must be full time and salaried and in the same line of work as past experience. Those with commission based, self employed, or other variable income must have a two year tax return history to use this income for a mortgage. Perhaps there will be other steps taken this year by the government and private investors to help more qualified persons obtain a home loan.