100% financing

Are you tired of your clients hearing NO, NO, NO, I can’t find anyone to qualify me on 100% financing, interest rates are too high, I don’t have enough money for a down payment or closing costs, or I am in a declining or soft real estate market and cannot meet my lender’s new qualifying guidelines?

If you are tired of hearing these objections, then I can help you sell more homes because I can turn these frustrated clients into buyers.

Call me today to discuss the benefits of FHA financing for your clients. I have a privately funded down payment assistance program that has been approved by the FHA to help get families into homes.

This program allows:
Down payment and closing cost assistance to the buyer
Lower interest rates
No declining or soft market policy
Easier to meet with low or no credit scores needed
No asset reserves required
This program is restricted to primary residences only
Full documentation, but also allows non-occupant co-borrowers to help qualify.
The maximum loan amount 500K.

The responsibility of executing this program correctly will be based on the ability of the buyer, seller, and lender all working together to accomplish our goal. I will be more than happy to school all who are involved in the transaction to help accomplish this goal.

News of the Fed Fund cut

This week has been more proof of the volatility of the market. Rates dipped earlier in the week and then bounced up with the news of the Fed Fund cut. However, they are only slightly higher than last week yet will continue to trend downward.

Many of you are getting information regarding declining market loan-to-values. I am continuing to do research on the policy changes and here’s the latest. If you are a borrower putting down 20% on a full documentation purchase and the maximum loan-to-value for the program is 95% you do not have to reduce the loan to value for the borrower by 5% it remains a 20% down payment. If you have any questions about current or future deals please contact me.

SOME INVESTORS HAVE NO DECLINING MARKET POLICY. It just depends on the bank and the borrower’s profile.

There is news that the conforming loan amount currently set at $417,000 will be temporarily increased to $750,000. See the article by clicking below.
http://www.latimes.com/business/la-fi-jumbo25jan25,1,2691497.story?ctrack=2&cset=true

Looking for Canadian financing? I’ve got the programs to get your home purchased fast.
I’m never too busy for any of your refinancing or purchase referrals! If you are interested in refinancing a loan now may be the time. Have a great weekend!

Banks and investors are continuing to “write-down”

Good Morning and Happy MLK Day!

Look at my blog if you have any questions regarding the new declining market loan to value policy (http://www.SeanLaRue.com) or (http://www.MortgageDitty.com) especially if you are just now hearing about this. If I was unclear about the loan to value issue please be advised that not all loans are going to require 20% down. There are still programs available for loan down payments.

Banks and investors are continuing to “write-down” the values on their asset portfolios. This means they are adjusting the value they are placing on the portfolio not necessarily taking a loss on the company just re-adjusting their balance sheets. Slow starts in last weeks new construction report is helping mortgage backed bonds through the end of last week. Make it a great week!

California is considered to be a declining market

Look at today’s rate sheet! Rates are low, low, low!

There has been a rather substantial change this week to mortgage lending and our industry as a whole where Fannie and Freddie Mac are changing their credit policies and changing the low to value requirements for borrowers. These changes are based on the purchase price and not the appraised value. Loan to value is being slashed by 5% right off the top. What this means is that Fannie and Freddie Mac, the only people buying mortgage backed securities, are saying that the programs borrowers qualify must to be reduced by 5%. For example, if the loan to value was 80% the LTV must be reduced by 5% to 75%.

I am not telling you this to be negative, but it is a reality of the current market. The state of California is considered to be a declining market and applies on a case by case basis, but call YOUR lender to get more information. Below I have included a link regarding this information. Please call me with any questions and I’ll do my best to answer them.

I am NEVER too busy for any of your referrals! Have a wonderful weekend!

http://www.washingtonpost.com/wp-dyn/content/article/2008/01/12/AR2008011200269.html