HAPPY FRIDAY ALL--
Tuesday I got word back from a mortgage broker in my area that I had referred a client to. He is 38 years old, has less than a 30% DTI ratio, full docs available, plenty of time on the job, and a 762 mid score...yet we cannot get him 100% financing!
I am not incredibly knowledgable about what money market anylist are saying from one week to the next, but am certainly not ignorant about the mortgage market issues currently making lending next to impossible. Don't get me wrong...I know that most of the lending done with stated programs and marginal to poor credit should never have happened, but where do we go from here?
In the area I live in, we are blessed to have a vast number of soldiers coming in to Ft Sill...so we have VA available, but the FHA bond money programs are no longer an option as the grant money has been dumped into a "Section 8 to home buyer" program. We could use FHA genesis, but how many houses would actually fit the criteria and proper bottom line in a declining market? There are conventional products but no insurance companies willing to write the PMI policies in an already foreclosure saturated market...WHAT TO DO????
AARRRGGGGGHHHHHH!
Personally, I have gone from selling 6-10 houses a month to 1-2. I have people wanting to buy, people wanting to sell, and properties ready to go...yet no way to make the deals work. Any insight or suggestions are requested, as I need to educate myself on new lending options. Thanks everyone!
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