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.

Lowest Rates in 25 Months

Lowest Rates in 25 Months
We couldn’t have asked for a better Thanksgiving treat than the one we got on Monday: the lowest 30-year fixed-rate in over two years. That’s right. For those of you who have been patiently waiting, here’s your chance to save anywhere from $5,000 to $7,500 or even more on the mortgage financing you’ve been looking for. Do not miss this great opportunity to cash in on the lowest rates since October 2005.

Here’s why you should act now:

Monday saw the lowest 30-year fixed interest rate in over two years. However, each time this interest rate reached previous low points, both last year and earlier this year, it began increasing and didn’t stop, climbing over 0.50% in the months that followed!

Fannie Mae and Freddie Mac tightened guidelines, announcing new Loan-Level Price Adjustments. In the first quarter of 2008, most borrowers who have good credit, but have FICO scores below 680, will now be forced either to pay more points at closing or incur a higher interest rate.
The amount that a borrower could be forced to pay, even if they’ve never been late on a payment, could be as much as 2.00% in points or an interest rate that’s 1.00% higher than the going rate.

On a $250,000 home loan, a borrower could have to pay up to $5,000 in order to receive normal market rates! Borrowers choosing the higher interest rate, under the worse case scenario, would stand to lose over $7,500 in just the first three years of the loan.

Choosing to wait could cost you money both in the form of higher market rates and points. This could well be the greatest holiday present you could treat yourself to this year, but only if you act fast!

Call me today for a FREE loan evaluation to determine what we can do to help you improve your financial situation before these great rates disappear.

Mortgage Update

After a shortened holiday week mortgage bonds are basically where we started on Tuesday. Next on the economic calendar building permits and housing starts come out mid-week, which are not a high impact, but moderate, for mortgage bonds and interest rate pricing.

You are receiving the weekly mortgage market updates sent out on Mondays. I highly recommend taking 5 minutes to start your day to keep yourself up to date.

This week we found that investors are coming back to the market with new programs for “expanded criteria”. Expanded criteria loans are for borrowers who do not fit into the typically 20% down, high fico, money in the bank, verifiable income profile. This is great news as we continue to see the credit markets shift. If you have any questions don’t hesitate to call.