At my office in Everett Washington, I heard these realtors saying that the only loan that was close to 100% was FHA. This week alone lenders like Countrywide, National City, US Bank and Washington Mutual are all scaling back some of their programs. There is still a great program or 2 out there that the general public in unaware of. This program have very good interest rates and can even be interest only! Below is a little blurb that I sent out to the realtors that I work with. It would definately help the industry out if the news media would not hype this more than needs to be. So if you are in Everett, Lake stevens or anywhere else that offers the My Community Mortgage, read up on it and offer it as a solution.
I have received multiple inquiries today regarding the status of 100% financing loans. Please be assured that Washington Metro Mortgage has a variety of 100% financing loans available with flexible guidelines. We are approving loans with high debt to income ratios and less than perfect credit. These programs have favorable interest rates and come in a variety of terms including interest only. The existence of mortgage insurance on these programs enhances financing opportunities and buying power. Also, please don't forget that as January 1, 2007 mortgage insurance became tax deductible.
As most of you already know, product guidelines have been changing almost daily so we all need to be quick on our feet to assure closed transactions. I encourage you to call the lenders involved in your transactions to be sure the loans are still on track. Also, for those of you representing sellers please be sure to contact lenders providing pre-approval letters to be sure approvals are still valid.
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