Are Easier Financing Requirements Ahead?

 Are Easier Financing Requirements Ahead?   


https://1609956119.secure-loancenter.com/FreeConsult.aspx      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 of the country are doing better,  collectively things are still not as they COULD or SHOULD be.  Although better, Mortgage Lenders are still somewhat reluctant to freely lend money.  There's a reluctance by potential Sellers to list their homes, or lower prices if they did.  Buyers are slow to seek financing or to actively view homes to buy.

     As a result, there are fewer Real Estate Transactions being conducted in the current market.  And while less demand typically means stable prices ... it generally means an over-supply of properties too.  

     What would remedy the imbalance we're currently seeing?

     A loosening of financing approval standards would definitely help.  It would allow:
  • Deserving Home Buyers to buy
  • Home Sellers the ability to move on .. move up  
  • Baby Boomer Home Sellers the ability to achieve a retirement goal 
  • Mortgage Lenders would have the ability to lend more easily without constant worry about nitpicking details.  They would be capable of focusing on the larger picture and things that truly matter and facilitate Closings

     Bottomline:  It's time to see the pendulum swing back ... and in the favor of the voice of reason.  That certainly doesn't mean a return to the loose lending standards found prior to the housing downturn.  

https://1609956119.secure-loancenter.com/FreeConsult.aspx     A voice of reason, commonsense mortgage lending would be lending as Goldilocks considered ...  "just right".  Right now no one seems to know what "just right" is or should be.

     One thing is obvious to me.  Home Buyers and current Home Owners need to know what the benefits of homeownership are.  They have to want to be Home Owners.  And they certainly need to face fewer fears or stresses during their Mortgage Process.

     That won't happen as long as Mortgage Lenders themselves remain under the tremendous number of regulations and pressures they currently deal with.  If Lenders remain under the stringent and highly-stressful regulations the government and regulatory entities now place on them, clients and others within the industry will continue to feel them too.

     The recent announcement made by Fannie Mae and Freddie Mac is a hopeful start ...  

http://www.genemundt.com/ContactUs.aspx

     *  Hoping to Buy, Build, or Refinance a Home in the Chicagoland area?  Contact Me Today!  I'll put my 37 years of Mortgage experience and expertise hard to work on your (or your clients') behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

https://1609956119.secure-loancenter.com/FreeConsult.aspx
 
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Referrals are Welcomed!

    
     

         
      

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

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



http://www.genemundt.com     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:
  • Bankruptcy
  • Short Sales
  • Foreclosures

     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 at least 15% or more will be required depending on Credit Scores.  

     The lowest Credit Score Buyers will need a substantial Down Payment of 25% or more and the loans will be either a:
  • 30-year Fixed Rate term 
  • 7/1 ARM

http://www.genemundt.com/ContactUs.aspx
     
     These requirements will be in place to maintain stability of monthly payment amounts and the risk to the Borrower ...

     

     Borrowers most likely to take advantage of this program will be those that have:
  • Stability within their employment 
  • Stability in their income
  • Possess reasonable debt  
  • Have had an "event" (such as those listed above) during recent years ... or suffered financial misfortunes during the last 10 years.

     Misfortunes considered for this program include:
  • Loss of Home Value
  • Income Reduction
  • Layoff from Employment
  • Job Loss 
  • Etc.

     This program allows (with Qualifying Conditions), financing for a home purchase in the following cases:

  • 2-Years AFTER a Bankruptcy Discharge, Chapter 7 or Chapter 11
  • 1-Year AFTER a Bankruptcy Discharge/History - Chapter 13
  • 2-Years AFTER a Foreclosure (waiting period measured from the date of the action/judicial sale)
  • 1-Year AFTER a Short Sale, measured by the Closing Date on the Sold Property

     The minimum loan amount in this program is $150,000.  

     Please Note:  Several Underwriting Requirements must be met to qualify for this program.  It is NOT an "anything goes" loan product.  Those who qualify will have to meet stringent requirements and risk of lending will be weighed heavily during the process.

     Also Note:  This product may not be available in all states.

     Should you want more detailed information regarding this program and your ability to utilize its benefits, please contact me.  This program could provide the path back to homeownership that you've been looking for ...   

     *  Hoping to Buy a home in the Chicagoland area?  Contact Me today!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
https://1609956119.secure-loancenter.com/FreeConsult.aspx

 
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Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Referrals are Welcomed!

     

More Good News for High-End Well-Qualified Buyers

More Good News for High-End 
Well-Qualified Buyers

    
http://www.genemundt.com/ContactUs.aspx
     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:  Specific qualifications must be met on the following:
  • Credit Score
  • Housing Payment History
  • Employment History
  • Debt-to-Income

     The loan type will be a 5/1 ARM.  Funds for down payment will be verified.  Funds must come from the Borrower's own funds*.   

     Note: * There is a minimum of 5% that must be the Occupying Borrower's own funds.

https://1609956119.secure-loancenter.com/FreeConsult.aspx     Other benefits to the APMC CORE JUMBO Program include higher loan amounts and/or allowed for lower Credit Score Borrowers with larger down payments (20% or more down).   

     Credit Scores can be as low as 700 ...

     Borrowers with high incomes, relatively mobile in their employment/professions, and experiencing challenges in amassing a 20% down payment, will especially benefit from the flexibility of American Portfolio Mortgage Corp.'s new CORE JUMBO Program.

     The following special features are also included within the APMC CORE JUMBO Program:

  • Second Home Buyers can participate, but must comply to program restrictions
  • Investors can also participate, but also must comply to  program restrictions 
  • Traditional (Warrantable) Condominiums are eligible

     As with most financing programs, certain restrictions do apply.  Please contact me to see how my APMC CORE JUMBO Program can prove beneficial to you and to seek a customized review of your personal financial scenario ... State restrictions do apply...


    
http://www.genemundt.com/ContactUs.aspx

  Hoping to Buy, Build, or Refinance a home in the Chicagoland area?  Contact Me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
gmundt@goapmc.com
www.genemundt.com
https://1609956119.secure-loancenter.com/FreeConsult.aspx
 
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 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Referrals are always welcomed!
 

    
         

 

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


http://www.genemundt.com

 
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 ... 



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20 Ways (and 30 Apps) to Make Your Smartphone Pay for Itself ...

It’s small, sleek, and you love it like a third arm.

Yes, 58 percent of us have decided basic phones that only make calls are passé. And who needs a significant other with a pulse when 44 percent of us sleep with our phone within arm’s reach? A person might snore or bore us or steal the sheets, but the phone, yes that wonderful phone, will be and do whatever we want.

Alas, despite your deep affection for your smartphone, that little piece of electronic joy may be eating a hole in your budget.   (MORE ...)


Southern Grandma's Corn Pudding ...

This is a wonderful recipe if you're looking for a true Southern corn pudding. Southern Grandma's Corn Pudding came straight from Grandma's recipe box, so you know it's going to be good.

It's an easy side dish recipe that goes especially well with ham and turkey. Creamed corn is mixed with a few other pantry staples and baked until you have a soft, flavorful corn pudding. It's comfort food at its best, and would be a great addition to your Thanksgiving dinner table.   (MORE ...)


I'm adding info for a Holiday Activity within each of my newsletters up and through the Holidays this year. 

Hope you have a chance to get out and enjoy some of the wonderful venues and celebrations provided here and found throughout the Chicagoland area ...


2014 - 2015 Winter Wonderland Holiday Light Show at Cuneo Mansion and Gardens ... (Vernon Hills, IL - Directions)

Loyola's Cuneo Mansion and Gardens is excited to partner again this holiday season with the Village of Vernon Hills to present our annual Winter Wonderland light show. Visiting the holiday light show at Cuneo Mansion has been a long-time holiday tradition of Lake County residents and families alike.

Experience 97 acres of enchanting holiday lights and decorations while relaxing in the comfort and warmth of your car. Bundle up the kids and take them for a car ride they are sure not to forget!  (MORE INFO ...)


Have a very Happy Thanksgiving!

Gene


Gene Mundt
Mortgage Lender  -  NMLS #216987  -  IL Lic.# 0006220

American Portfolio Mortgage Corp.
NMLS #175656  -  MB.00056088

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

https://1609956119.secure-loancenter.com/FreeConsult.aspx
 
     

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL
 

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2017 Will County Fall Festivals,  Pumpkin  Farms,  Corn Mazes, Hayrides       The look of Fall has begun to arrive in Will County and...