Just when it seemed things were getting back to normal...  By the end of the year the criteria used to determine a home loan applicants ability to obtain a mortgage will tighten.  Both Fannie Mae and Freddie Mac the two largest agencys mandating loan criteria along with FHA, (Federal Housing Administration) will phase in more stringent debt to income criteria, meaning borrowers will qualify for a lessor lending amount than they do now.  I would also count on the probability that as agency loans tighten standards so will portfollio lenders.

Important yes.  If home buyers are unaware and they are already set on the todays criteria with a sales price, loan product, and lending amount, they may be in for a rude awakening as we adopt these new rules. 

If you are a real estate professional, I would urge you to make sure that if any of your clients are getting ready to purchase or refinance they talk to their lending sources.  Make sure your clients are up to date on the changes slated just a couple of months away.  

FOR IMMEDIATE RELEASE:

H.O.M.E.S. for Homebuyers -- Press Release

 Our H.O.M.E.S. (Home Ownership Made Easy Seminar) Series is being held EACH Tuesday Evening, as a free community service for Snohomish and King Counties from 5:30- 7:00 pm at the Alderwood Business Center, 3500 188^th Street SW, Lynnwood, Washington. 

 **Different home buying topics for both First Time and Move-Up Buyers relevant to today's Real Estate and Lending Markets are discussed each week.

            May 19^th Topic:  Locating and Evaluating - Current Homes for Sale

 Sponsored by:  The American Dream Education and Wealth Network

Facilitated by:  Tom Lasswell, Sr. Educator and Advisor, Guild Mortgage Company

 Please call Andrea at 425-412-5236 for seating reservations by Monday for the current week.

 No products or services are offered or sold during at any of our Informational Seminar Series.  Guild has been providing community real estate and home lending information since 1960.

As a sr. lending advisor, husband and father living in the beautiful Northwest.  My personal goals as a young 52 year old include embracing the neccessity and benefits of using technology to its fullest potential in both business and in my private life. 

It appears as of today I have been blessed with a Life Coach or maybe ANGEL that recognizes my commitment to become better at all the things in life that make me who I am.  Right now we are concentrating on Technology.

But I needed to share with this angel, myself, and to the world a little bit about me. 

I do realize that everyday presents a whole new opportunity to enjoy life and to help others with their goals and asperations

I realize that we live in a society today that is fast and even for the brightest individuals hard to understand.  Relationships seem to be difficult at times, families face many personal challenges, some go day to day without any aspirations or goals.  Life passes quickly.  I am striving to touch peoples lives to help them realize that things can be different and better for them and their families.  How, first by sharing with them howpositive mental attitude can change their own perception, how to think about the major financial decisions in life and lastly how to evaluate the outcomes of those decisions.  Could be financing their homes, investing, or planning their financial future.

I understand communication.  I thought I had that mastered when I won the 6th grade boys spelling bee, after days of study.  I now know that this was only a start

I understand and have for queite some time that family after God and God's will is the most important DETAIL of my existance

I am open to learning and growing and to continually working on ME as person and example so others can themselves move continually in a positive direction.

Thanks for listning coach!

Written by Tom Lasswell

Lynnwood, WA

Have you ever wondered why the public is UNCERTAIN about the current state of the real estate and mortgage markets?

Shame on you USA Today and the author of the cover story "Coping with the real estate slump".  I just happened to pick up a copy of the January 4-6 issue when my eyes caught this headline.  As a professional Lending Advisor in the Pacific Northwest I am so angry with all of the misinformation that is being splashed about our industry that is either not true or only partially true.  I would think that a publication such as USA Today would validate its sources of information.  I am in the markets each and every day assisting individuals and families in financing choices for real estate.  I know what products are available.

Your story states a recent Federal Reserve survey of lending officers indicating that they had tightened their lending standards, and this is the case.  However three emphasized statements that follow, STARTING WITH THE WORD "GONE", in this paragraph are not true.

Lets look at them as they are printed and clarify for your readers the information you tried to share...

1. GONE are loans for people who have trouble paying their bills on time. 

Many people do not pay their bills on time.  Some pay late, a few days late, to 30, 60 and 90 days past due.  There are many home loans available for these individuals.  They are Non Prime Loans and they are available and make sense for

MANY different situations. 

The TRUTH is there are not as many of these as there once was under some of terms that were available last year.

1. GONE are mortgages for 100% of the home price. 

Shame on you twice!  If you had checked with the largest agencies that still purchases home loans in the US, FANNIE MAE and FREDDIE MAC, you would see that these loans are still available and popular at low interest rates.

The TRUTH is you must have decent credit and verifiable income and sometimes, financial reserves to qualify.

1. GONE are loans requiring no proof of income or assets.

Shame on you a third time!  Several large National Investors are making loans where both income and financial assets are STATED on the application and NOT verified.  They are in most cases good solid loans and are made to people with good credit scores and that have a down payment and/or equity in the transaction.

The TRUTH is there are not as many of these as there once was, and the information on the application as a whole must make sense. 

My hope for the future is that the information regarding mortgage products is correct.

If I had read your article, was going to buy my first home, or second home and wanting to partake of the American Dream with the opportunity of building long term equity and maybe even wealth, you would have STOPPED ME DEAD IN MY TRACKS.  

Interest Only Home Loans Make Sense For Many!

It is time to set the record straight and get the facts on Interest Only (I/O) home loans.  An I/O loan could be one of the best loan choices for many consumers.

This type of loan product is not only a home lending choice but a financial tool that can be integrated in to an individuals or families financial plan.  It allows for the option of paying a minimum payment thus enabling the consumer to make better financial allocation choices of income to other debts and investments. 

The (I/)) home loan offers the consumer the flexibility to BETTER there overall financial strength in the managing of cash resources.

If you would like a recent article of "INTEREST ONLY HOME LOANS- getting the facts straight and lets quit scaring people", please email me at toml@lfgloan.com and I will make sure that one is sent to you.

Tom Lasswell, scfl

Sr. Lending Advisor

Liberty Financial Group