Lynne's Blog - Archives June, 2007

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FICO Scores - 06/26/07 02:40 PM

Many people do not understand how FICO Scores can effect their ability to get a Mortgage loan and the interest rate they will receive. Their are three credit bureaus and they each caculate a FICO Score. Most lenders use the middle score to base their loan approval on. FICO Scores take … (1 comments)

Buydown Loans - 06/21/07 02:00 PM

I have been asked to expand on the Buydown Loan Program we offer. There are many types of buydown loans. Two of the most popular are the 2-1 Buydown and the 1-0 Buydown. The 2-1 Buydown Loan has an interest rate which is 2% below the note rate the first year, 1% below the note … (0 comments)

Foreign National Loans - 06/19/07 01:05 PM

We can do Foreign National Loans. No Social Security Number, No Green Card, No Credit - OK. Stated Income (U.S. or Overseas) - OK. Thirty percent down payment required. Single Family, Condo's, PUD's - OK. We have varies loan programs available. Call Lynne Dewar at (800) 552-1188 for more details. … (0 comments)

Buydown Loans - 06/14/07 03:18 PM

With interest rates climbing up almost one point in the last couple of weeks you may want to consider a buydown. Lenders Direct has a buydown loan starting at 5.75% for the first year and then fixing at 6.75% for the remaining term for just one point cost. This is a savings … (1 comments)

Fannie Mae My Community Mortgage Program - 06/12/07 07:04 PM

Fannnie Mae is committed to expand homeownership for all borrowers. They have a prgram to help lower income individuals get into a home. It is called My Community Mortgage. Lenders Direct is an approved Lender for this loan. These loans are 100% financing allowing the Borrower to buy without a downpayment. … (0 comments)

Interest Rate Update - 06/08/07 03:46 PM

The Bonds have climbed up to their hightest level in five years. This puts pressure on the Mortgage interest rates. The outlook for the summer is for the rates to continue to climb. As the rates climb a Home Buyer can qualify for less home. For example, a .50% increase in … (0 comments)

Down Payment Assistance - 06/05/07 11:45 AM

We work with an organization in Flagstaff, AZ that provides free education workshops to help families and individuals prepare to purchase a first home. They also have a 3 to 1 down payment assistance program providing up to $15,000 per family who is able to save $5,000. They take referrals from participating … (1 comments)

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