Canadian / Foreign National financing

Attached is a flyer for Canadian / Foreign National financing. No one else has this program at these loan to values!! So check it out.

Market Update

The November jobs report was released today showing some of the worst numbers in decades. Non-farm payrolls dropped 533,000 last month and was only the fourth time in 58 years that our economy lost over 500,000 jobs. The unemployment rate ticked up to 6.7%, the highest since October of 1993.

The news sent the Stock markets lower while the Bond markets didn’t have much of a reaction. We are currently in a bad economy and only news of a better report would have been a surprise.

Mortgage bonds are down a little today and we have had several reprices…. I am floating clients until Monday to see how the market continues.

A quick update on loan programs

Happy Halloween!

A quick update on loan programs. Please call with questions.

Agency Jumbo Loans : Loans that are between $417k -500k… your clients have 2 weeks to lock their loans in to get the benefit of conforming jumbo pricing which have lower interest rates than loan amount over $500,000. An agency jumbo loan was part of the economic stimulus program rolled out by the Government in February 2008 and is set to expire at the beginning of 2009. Loans must be locked by November 13th and closed by year end.

USDA:100% financing is still available for your listings in DHS and Coachella and selected areas of Indio through the USDA! No credit score? That’s ok. No mortgage insurance required either. Call me to find out more info.

Cal- HFA (Chaffa) still allows 100 percent financing with a 680 fico or better if you meet the low income requirements. USDA,

Calsters – teacher program. 3% down 80% 1st and 17% 2nd with no mortgage insurance and payments are deferred on the 2nd mortgage for 5 years!

FHA is still my favorite program because it has no income or property eligibility restrictions and is the most lenient for underwriting guidelines. Current down is 3%; however it will change January 1, 2009 to 3.5%. Get your buyers off the fence now!

Canadian/ Foreign Nationals: 30% down with a minimum loan amount of $200,000. Full Documentation with an International Credit Report and reserves with the servicing bank.

Franklin Loan Center provides me the platform to stay competitive for you in this market. In-house local approvals and 30 day fundings! I look forward to working with you soon.

I am NEVER too busy for any of your referrals! Make it a great day.

The Mortgage Business of 2008 Quick Tips

The mortgage business of 2008 is turning into a wild ride! It’s like a never ending adventure that continues to throw a curve balls in my direction. Some of the things I’ve learned recently.

1. Canadian financing… requires 30% down. No income needs to be verified, no social security number, or credit report. I’ve got several programs to help with Canadian or foreign national financing.

2. FHA property flipping states that a seller cannot hold title to a property for less than 90 days which includes the purchase agreement dates. Make sure its more than 90 days from when the purchase agreement is signed.

3. 100% financing is still available… ask me how.

4. Most people don’t understand the benefits of reverse mortgages. If you are home equity rich and cash flow poor reverse mortgages can make sense.

5. Many banks are moving away from stated income, stated asset loan programs and most have discontinued no document and no ratio programs.

Call Sean La Rue at (760)837-1488 or simply apply at Loan Application