Well. let's see...
...I'm still thinking, ok?! ...
Give me a minute!....
... OK here we go.
My Top 10 9 Things that Have NOT Changed in the World of Mortgages
10. Borrowers with a Middle Credit Score OVER 680 can obtain a 97% Loan Compared to the Sales Price (LTV) on a Fannie or Freddie (Bankable Conforming) Mortgage Loan.
9. Borrowers with a Middle Score OVER 580 can obtain an FHA 97%LTV with the ability to have the 3% Down Payment paid thru The Down Payment Assistance Programs (DPA)
8. Borrowers with a Middle Score OVER 680 can obtain a 90% LTV for a Stated Income/ Stated Asset Loan (As long as the income and assets are reasonable compared to your profession and credit history) *************UPDATE*********UPDATE******THIS IS NO LONGER AVAILABLE 4/8/08**************** UPDATE 4/11/2008: It seems that Stated Income programs aren't dead after all..."I'm pleased to announce that effective Tuesday April 15, 2008; Wachovia will bring our Alt -A suite of products back to the wholesale secondary arena! At this time, we will offer SISA and SIVA products to an 80% LTV with 90% CLTV available on some products with outside seconds. The mid score for SISA is 700 and for SIVA is 680 and some cash out scenarios are 720. To be able to announce GREAT NEWS again is a wonderful thing!! Loyd Trimmer, Wachovia Mortgage"
7. Borrowers with Middle Credit Scores BELOW 580 can still obtain an FHA 97% LTV with the ability to have the 3% Down Payment paid thru the DPA; however, your interest rate will be a little higher
6. The Good News is that FHA Interest Rates are still BETTER than Conforming Interets Rates (Today's Best 30 year Fixed rate paying NO Discount Points - Conforming: 5.99% FHA: 5.75%)
5. FHA still allows the Borrower to use Alternative Credit (Credit that does not appear on your Credit Report like Insurance, Power Bills, Cell Phone Bills, Cable, other utilties, etc.) to compensate for not having more than 3 open accounts paid well for the past 12 months on your Credit Report
4. FHA still allows the Seller to pay for all of the Borrower's Closing Costs and Pre-Paid items up to 6% of the Sales Price
3. If any of the Borrower's income is from Self Employment or 1099 we still have to obtain their Full Federal Tax Returns for the last 2 years
2. Realtors are a Mortgage Loan Officers' Best Friend
1. Loan Officers' hair still turns gray faster than Realtors does (Just a personal observation - may not prove true in all states or provinces)
Well, there you have it , the Mortgage Industry is not all DOOM AND GLOOM like the Media dipicts.
Life is Good! Don't let Anyone tell you otherwise.
;)
;)
