It is time to create new financial beginnings. Roughly
25% of mortgages are underwater, real estate markets may have bottomed, and loan modification possibilities will soon dwindle. For those negatively affected, and who have not already done so, this is might just be the time to make definitive plans for a
new financial beginning. Status quo (doing nothing) is not a plan, and will not accomplish this. You can create a new financial beginning by "l
iquidating and rebuilding" (short sale, foreclosure, bankruptcy), OR "rebuilding" (loan modification, debt settlement, tax resolution, credit repair). I cannot help with liquidation, but I do offer low cost solutions for rebuilding. For further information go here. Make it good week folks! - Paul
5 changes to mortgage loans under new Fannie/Freddie rules
Many home buyers are seeking to take advantage of lower home prices, lower interest rates and possibly the federal first-time home buyer tax credit (which expires Nov 30, 2009). But before launching into a mortgage loan, buyers should be aware of how mortgage borrowing has changed. Read
203(k) Rehab/Renovation loans
Prospect is on of the few lenders offering 203(k) loans. Qualifications are no different. The process is a little longer, but that's about it.
See slideshow.
Rates up a bit, and may be trending higher
For the week ending August 13th the 30-year fixed averaged 5.29% with an average 0.7% fees and points, up from last week when it averaged 5.22%. Bond yields keep rising, and it is making me nervous.
Freddie Mac rate surveys.
New beginnings: Loan modification
Loan modification opportunities are dwindling, and those that wish to pursue it should not delay. The process is now simplified, and cheaper. More info
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services.
Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
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"If you want to double your success rate, double your failure rate"
Thomas Edison (1847-1931)
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