All this week and last week I have been getting e-mails about our sub-prime investors changing their requirements. Have you?  Most have changed their credit limits to 600-620. Whereas, it used to be 500 and up. I am also noticing many mortgage companies closing their doors because of all the changes.  With scores of 620 a consumer can just go conforming and get better rates and prices, versus the controversial sub-prime market.  The sub-prime market has lost lots of money taking on challenging credit issues.

This a time for people to get their credit right, and start educating themselves about the lenders they use. Everything that sounds good is not good.  This is why I love the company I work with. Southeast Mortgage is a direct lender as well as a correspondent lender for Suntrust, Citimortgage, Gmac, and other big banks. We also have sub-prime lenders that we can process.  Everyone is in house. Our processing dept, underwriting dept, approval, you name it we have here. And we function well with each other. Meaning I can go and talk with them if there is a specific issue, or we need to close promptly.  We have closed loans in 2 days thats how well oiled our machine is. We are also the mortgage resource for the Northeast Association of Realtors. Which means whenever a realtor goes through their ethics class they are introduced to us first. We also offer a mortgage class for new realtors interested in broadening their knowledge of mortgages. So all in all we are a complete package of professionalism, and products. I am available 24 hours a day at 678-791-6059 and shauna.smith@semonline.com