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Showing posts from November, 2014

Are Easier Financing Requirements Ahead?

Are Easier Financing Requirements Ahead?   

      Recently (and I'd say somewhat unceremoniously given the importance and need for the announcement), Fannie Mae and Freddie Mac announced the easing of Financing Guidelines ... including the news that they're bringing back the 3% Down Payment - Conventional Mortgage. 

          Good news, no doubt about it.  But even more changes are needed ...

Mortgage Lenders and Agents (and the public) are still anxiously awaiting the much-needed relief demanded to relax the tougher standards that came as a result of the housing recession/crisis that arrived in the mid-2000's.  A crisis from which we are still healing.  

     Perhaps slow, stagnant sales numbers and housing-sales statistics have finally caught the attention of the "powers-to-be" and that's why we're finally seeing Fannie and Freddie take action?  Facts prove the housing market has not come back to good or robust health.  

     While it's true some areas o…

New Mortgage Program Helps Those Suffering from Significant Adverse Credit Buy Again

New Mortgage Program Helps Those Suffering from Significant 
Adverse Credit Buy Again


     In a continuation of a recent loosening of home financing guidelines, I now can offer "expanded programs" for Borrowers with Credit Scores (middle score) of 580 (FHA Loans) and 600 (Conventional Loans).

These new options apply to:  Purchase Transactions of 1-to-4 residential units ... for Buyers use as a Primary Residence (Owner-Occupied).

     Allowances are made for Borrowers having suffered past major events such as:
BankruptcyShort SalesForeclosures
     This program's Waiting Periods are reduced from those of traditional programs.  

Be aware:  There are several caveats to this program.  Those caveats include "Risk-Related" guidelines for Down Payments, Credit Scores, and Debt-to-Income Ratios. 

     This is NOT a reversion to bad lending practices of the first decade of the 2000's.  

     These will be very common-sense Underwriting deals.  Down Payment requirements of a…

More Good News for High-End Well-Qualified Buyers

More Good News for High-End  Well-Qualified Buyers
     JUMBO Loans, and the advantageous interest rates they have been enjoying, have been in the news quite often over the past few months.  

     These loans have continued to be a good bargain in comparison to the past, due to current rate climate and Lenders' appetites for high-end, high-performance loans to well-qualified Borrowers.  
     Great!  But for my American Portfolio Mortgage Corp. customers, existing or new, the news just got even better ...
Why?
     Generally, loans above 80% of the Sales Price/Appraised Value (whichever is less) have been required to carry Private Mortgage Insurance (PMI).  With American Portfolio Mortgage Corp.'s new CORE JUMBO Program ...clients will NOT be required to have Private Mortgage Insurance.
     This option is available to any of my Borrowers with the following qualification:   Borrower must be capable of putting down 10.1% of the Purchase Price ... up to $1.5 Million Loan Amounts
Also:  S…

Gene Mundt, Mortgage Lender's "Mortgages, Real Estate, & Credit News" - November 19, 2014

Thanksgiving is a time for reflection.  What ... Who .. are you thankful for?
I know that I'm thankful for my family.  This Thanksgiving I'll look around the dinner table and be lucky enough to see my Mother, healthy and still enjoying life.  I'll also see my wife, our 2 sons, 2 wonderful daughters-in-law, and the bright and beautiful faces of our 3 grandchildren ... Henry, Marilyn, and little Eva Mae. 
I'm also thankful for the business relationship you and I have established.  I'm grateful that we've had the chance to get to know one another and work together.  I hope you feel the same.
I send you my Best Wishes for a Thanksgiving filled with much joy and peace.  A day  surrounded by warmth, love, and all those you hold dear ... 


How to Prepare for a Stress-Free Holiday Feast ...
If organizing and cooking for the holiday hordes turns your home into a war zone, follow these foolproof tips on getting your kitchen in tip-top shape for a happy and smooth…